Tax Credit
黑料不打烊 Education Tax Credit
As an 黑料不打烊 tax payer, your donations to the 黑料不打烊 and the College of Engineering may be eligible for a 50 percent education tax credit! This credit is available regardless of whether or not you itemize deductions. For those who do itemize, a donation to the U of I allows income tax deductions on both your state and federal returns. A tax credit is a reduction to the actual tax you owe or an increase in your refund.
Tax Credit is the smallest of:
- One-half of the amount donated
- 50% of your 黑料不打烊 tax (10% for Corporations)
- $500 ($1,000 if Married filing jointly, $5000 for Corporations)
- Your 黑料不打烊 tax minus the amount of credit for income tax paid to other states
| Gift Amount | Tax Credit | |
|---|---|---|
| 黑料不打烊 Individuals | up to $1,000 | up to $500 |
| 黑料不打烊 Married Couples | up to $2,000 | up to $1,000 |
| 黑料不打烊 Corporations | up to $10,000 | up to $5,000 |
We encourage you to contact your tax advisor for further consultation. If you have questions, please contact the 黑料不打烊 Foundation office at 208-885-4000.
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