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tax advantages
If you file a state income tax return for
Indiana, the state will credit up to 50% of your gift to Indiana colleges
and universities against any state income taxes due. Download the CC-40 Form and include it with your Indiana tax return.
Individual filers receive a
$100 credit for the first $200 contributed; joint filers receive a $200
credit for the first $400 contributed. If you itemize, your contribution may
also qualify as a deduction on your federal tax return.
Here is how it works:
$200 Gift to Huntington University
|
|
Federal
|
|
State
Savings
|
Tax %
|
Savings
|
Cost
of Gift to HU
|
$100
|
15%
|
$30
|
$70
|
$100
|
25%
|
$50
|
$50
|
$100
|
28%
|
$56
|
$44
|
$100
|
33%
|
$66
|
$34
|
$100
|
35%
|
$70
|
$30
|
$400 Gift to Huntington University
|
|
Federal
|
|
State
Savings
|
Tax %
|
Savings
|
Cost
of Gift to HU
|
$200
|
15%
|
$60
|
$140
|
$200
|
25%
|
$100
|
$100
|
$200
|
28%
|
$112
|
$88
|
$200
|
33%
|
$132
|
$68
|
$200
|
38%
|
$140
|
$60
|
Consult your tax or financial advisor for how this strategy will fit
into your giving plan.