Tax Benefits

Tax savings can reduce the net cost of your gift to IUPUI. Indiana taxpayers are allowed a credit of 50 percent of the contribution or $100 (on a single or fiduciary return) or $200 (on a jointly filed return), whichever is less.

View and download a printable copy of the Schedule CC-40 form for Indiana College Credit.

A federal income tax charitable deduction may be available if you itemize your expenses and deductions when filing IRS Form 1040.

For example, let's say assume a person has an annual income of $40,000, files an individual tax return, itemizes, and falls into the 25 percent marginal tax bracket. If this person made a $200 gift to a school at IUPUI in February 2016, after credits and deductions, it would result in an actual cost to the individual of $50. 

This is how it works:

Gift$200
Federal tax saving (-)$50
Indiana tax credit (-)$100
Net cost to the individual$50

Please consult your tax advisor for advice on your particular situation. You may view detailed IRS regulations in Charitable Contributions, Publication 526.