How to Make a Tax-Favored Gift
Both federal and Idaho law currently allow a deduction for contributions made to public schools, and Idaho allows a tax credit equal to one-half of your contribution up to a maximum credit of $1000 for married and $500 for singles. thus, your gift to the Nampa Schools Foundation could nearly pay for itself! Here are examples of how a $500 contribution to the foundation would affect your taxes:
2015 Taxable Income | Your Donation | Federal/Idaho Tax Savings* | Idaho Tax Credit | Total Tax Savings for the Year | Your Net Cost |
---|---|---|---|---|---|
$17,850 – $72,5000 | $500 | $111 | $250 | $361 | $140 |
$72,500 – $146,400 | $500 | $162 | $250 | $412 | $88 |
$146,400 – $223,050 | $500 | $177 | $250 | $427 | $73 |
$223,050 – $398,350 | $500 | $202 | $250 | $452 | $48 |
$398,350 – $450,000 | $500 | $212 | $250 | $462 | $38 |
Over $450,000 | $500 | $235 | $250 | $485 | $15 |