Tax Benefits for Indiana Residents
Make a gift to the GC Fund
Your Generosity to GC is Rewarded by the State of Indiana!
Receive a Tax Credit for Giving to Goshen College
You could earn a 50% Indiana state tax credit on annual contributions to Goshen College! Indiana residents can receive a credit of 50% of their gift to Goshen College. For a joint return, the maximum credit is $200.00 (based on a gift of $400.00 or more). For a single return, the maximum credit is $100.00 (based on a gift of $200.00 or more). The payment of tuition, fees, or room and board are not charitable contributions and do not qualify for this credit.
A $400 gift to the GC Fund also makes you a member of the Builders Circle. Why not join a GC giving circle AND benefit from the tax credit you’ll receive?
After you make your gift to GC, you will only need to complete one simple form—the Indiana CC-40. Attach this form to your Indiana income tax return for the tax year in which you made the gift. You may also obtain the Indiana CC-40 tax form along with all requirements and instructions online here from the State of Indiana’s website.
If you itemize on your federal return, you can further reduce the cost of your gift to Goshen College. We encourage you to take advantage of the Indiana tax credit and at the same time support the mission of Goshen College.
A gift to Goshen College = A gift to you
| Joint Return | Single Return | |
| Your gift of at least | $400 | $200 |
| State tax credit (50%) | -$200 | -$100 |
| *Federal income tax bracket (12%) | -$48 | -$24 |
| Cost of gift | $152 | $76 |
| _________ | ||
| Your gift of at least | $400 | $200 |
| State tax credit (50%) | -$200 | -$100 |
| *Federal income tax bracket (24%) | -$96 | -$48 |
| Cost of gift | $104 | $52 |
| _________ | ||
| *Cost of $1,000 gift: 12% bracket | $680 | $780 |
| *Cost of $1,000 gift: 24% bracket | $560 | $660 |
| *Cost of $1,000 gift: 32% bracket | $480 | $580 |
*Available to those who have sufficient deductions to itemize on their federal income tax return.
Make a gift to the GC Fund
Qualified Charitable Distributions (From IRA): There are many ways to make gifts to students, it doesn’t have to be direct cash! If you are 70.5+ years of age, you can get a significant tax benefit by giving to students directly out of your IRA through a process called Qualified Charitable Distributions. Call us and we’ll walk you through the process, don’t worry, it’s easy!