While your tax advisor can give you
important, specific information about your individual case, it may be helpful to note the incentives provided at both the state and federal levels.
Federal Benefits
Manchester College is a 501(c)3 organization, which means that contributions (not including tuition) are federal tax deductible.
State Benefits
The State of Indiana provides an even better deal to Indiana residents. Fifty percent of your gift — up to $200 for couples and $100 for individuals — becomes a credit against your state income tax. See examples below.
Married Couple in 15% bracket
Amount of Gift |
Federal Tax Deduction |
State Income Tax Credit |
$200 |
$30 |
$100 |
$400 |
$60 |
$200 |
$1,000 |
$150 |
$200 |
|
Married Couple in 28% bracket
Amount of Gift |
Federal Tax Deduction |
State Income Tax Credit |
$200 |
$56 |
$100 |
$400 |
$112 |
$200 |
$1,000 |
$280 |
$200 |
|
Married Couple in 35% bracket
Amount of Gift |
Federal Tax Deduction |
State Income Tax Credit |
$200 |
$70 |
$100 |
$400 |
$140 |
$200 |
$1,000 |
$350 |
$200 |
|
Single Person in 15% bracket
Amount of Gift |
Federal Tax Deduction |
State Income Tax Credit |
$200 |
$30 |
$100 |
$400 |
$60 |
$100 |
$1,000 |
$150 |
$100 |
|
Single Person in 28% bracket
Amount of Gift |
Federal Tax Deduction |
State Income Tax Credit |
$200 |
$56 |
$100 |
$400 |
$112 |
$100 |
$1,000 |
$280 |
$100 |
|
Download Federal and State forms here.
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