Tax Benefits for Indiana Residents
Give Today
State Tax Credit (for Indiana Residents):
The state of Indiana believes in its colleges, and it says so in dollars and cents. Indiana residents can receive a state tax credit for their financial support of Goshen College. This state tax credit totals for half the amount of contributions up to:
- $400 on a joint return
- $200 on an individual return
An Indiana College Credit form (Schedule CC-40) must be filed with the contributor’s income tax return.
Indiana also offers state tax credit for corporations: 50% tax credit for gifts up to $2,000. The credit cannot exceed 10% of the corporation’s Indiana adjusted gross income tax liability.
A gift to Goshen College = A gift to you
| Joint Return | Single Return | |
| Your gift of at least | $400 | $200 |
| State tax credit (50%) | -$200 | -$100 |
| *Federal income tax bracket (12%) | -$48 | -$24 |
| Cost of gift | $152 | $76 |
| _________ | ||
| Your gift of at least | $400 | $200 |
| State tax credit (50%) | -$200 | -$100 |
| *Federal income tax bracket (24%) | -$96 | -$48 |
| Cost of gift | $104 | $52 |
| _________ | ||
| *Cost of $1,000 gift: 12% bracket | $680 | $780 |
| *Cost of $1,000 gift: 24% bracket | $560 | $660 |
| *Cost of $1,000 gift: 32% bracket | $480 | $580 |
*Available to those who have sufficient deductions to itemize on their federal income tax return.
Give Today
Qualified Charitable Distributions (From IRA): There are many ways to make gifts to students, it doesn’t have to be direct cash! If you are 70.5+ years of age, you can get a significant tax benefit by giving to students directly out of your IRA through a process called Qualified Charitable Distributions. Call us and we’ll walk you through the process, don’t worry, it’s easy!