Advancement
Indiana residents, don’t miss your chance for big tax savings!
You could earn a 50 percent state tax credit on annual contributions to Bethel College 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 College! A $500 gift welcomes you as a member in the Founders Society. This opportunity would only cost you $175 out of pocket.
Indiana Tax form CC-40 is used for this credit. You can download the tax form, contact the office for institutional advancement (574.807.7111) or go to www.in.gov/dor.
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 cost2 | $100 | $50 | $50 | $25 | $140 | $70 | $70 | $35 |
1Married, filing jointly; Single
2Assumes itemizing on federal tax form
