Giving Indiana Tax Credit
Alumni and friends who file an Indiana state income tax return are eligible for a tax credit. The State of Indiana will credit up to 50% of a donor's gift to Wabash against their state income taxes. Individual filers receive a $100 credit for the first $200 contributed to Wabash, while joint filers receive a $200 credit for the first $400 contributed to the College.
|Example||15% Federal Tax Rate||28% Federal Tax Rate|
|Tax filing status||Married Single||Married Single|
|Gift to Wabash||$400 $200||$400 $200|
|Indiana Tax Credit||($200) ($100)||($200) ($100)|
Federal Tax Savings
|($60) ($30)||($112) ($56)|
|Out of pocket cost||$140 $70||$88 $44|
Indiana residents who file an Indiana state income tax return can download the 2016 CC-40 Tax Form here.