Indiana College Tax Credit
You could earn a 50% state tax credit on annual contributions to Bethel University as an Indiana resident. Gifts up to $400 for joint filers and up to $200 for single filers are eligible for this credit.
This is a credit, not a deduction.
A couple giving $400 to Bethel will receive a $200 credit, which can be applied toward Indiana taxes due or added to a tax refund. If you are in the 25 percent federal tax bracket and itemize on your Federal tax form, this $400 gift would only cost $100 because of the federal tax reduction. What a wonderful reward for your generosity to Bethel University! A $500 gift also makes you a member in the Founders’ Society. This opportunity would only cost you $175 out of pocket.
Indiana Tax form CC-40 (PDF) is used for this credit. Contact the Office for Institutional Advancement by phone 574.807.7485 or go to www.in.gov/dor to find the form.
Sample Gift Amounts
| 25% Federal Tax Rate | 15% Federal Tax Rate | |||||||
|---|---|---|---|---|---|---|---|---|
| Filing1 | Married | Single | Married | Single | ||||
| Gift to Bethel | $400 | $200 | $200 | $100 | $400 | $200 | $200 | $100 |
| Indiana Tax Credit | -$200 | -$100 | -$100 | -$50 | -$200 | -$100 | -$100 | -$50 |
| Federal Tax Savings | -$100 | -$50 | -$50 | -$25 | -$60 | -$30 | -$30 | -$15 |
| Out-of-pocket gift costs2 | $100 | $50 | $50 | $25 | $140 | $70 | $70 | $35 |
1 Married, filing jointly; Single
2 Assumes itemizing on federal tax form