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Tax Benefits

Indiana residents can earn a state tax credit on a gift to the University of Indianapolis. An individual is allowed a credit of 50 percent of the contribution or $100 (on a single return) or $200 (on a jointly filed return), whichever is less. Use the Indiana College Credit tax form (CC-40) to take advantage of this tax credit.

Indiana College Credit Tax Form (CC-40) Adobe PDF icon

Tax Credit Calculator
Amount of Gift: $
Resident of Indiana:  

Note: Illustration is based on 2012 Tax Rates.

Filing a single return

Adjusted Gross Income Federal tax bracket *State tax credit **Federal tax benefit ***after tax cost of gift
$0 - $8,700 10%
$8,701 - $35,350 15%
$35,351 - $85,650 25%
$85,651 - $178,650 28%
$178,651 - $388,350 33%
More than $388,351 35%

Filing a joint return

Adjusted Gross Income Federal tax bracket *State tax credit **Federal tax benefit ***after tax cost of gift
$0 - $17,400 10%
$17,401 - $70,700

 15%
$70,701 - $142,700 25%
$142,701 - $217,450 28%
$217,451 - $388,350

 33%
More than $388,351 35%

Please contact Andy Kocher in University Advancement for additional information on tax benefits.

*The state of Indiana gives residents a 50 percent tax credit on gifts up to a total of $200 for single filers and on gifts up to a total of $400 for joint filers. The state of Indiana gives residents a $100 tax credit on gifts over a total of $200 for single filers and a $200 tax credit on gifts over a total of $400 for joint filers.

**Applicable for those who itemize deductions. Please note that this schedule does not reflect the effect of the phaseout of itemized deductions for high income tax payers.

***This schedule is provided to illustrate potential tax savings. Individual tax situations vary; please consult your personal tax adviser.