Idaho Education Tax Credit
Idaho Education Tax Credit for 2015-2020
As an Idaho tax payer, your donations to the University of Idaho College of Agricultural and Life Sciences 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, the deductions may become even greater. Beginning in 2015, the maximum education tax credit allowed has been increased considerably for both personal and business gifts.
Note: A tax credit is a reduction to the actual tax you owe or an increase in your refund.
- Idaho Married Couples may take up to 50 percent of a $2,000 gift (a tax credit of $1,000)
- Idaho Individuals may take up to 50 percent of a $1,000 gift (a tax credit of $500)
- Idaho Corporations may take up to 50 percent of a $10,000 gift (a tax credit of $5,000)
Joe and Jane Vandal are an Idaho married couple who itemize their taxes. Together they have a taxable income of about $75,000 (25 percent tax bracket). They wish to donate $2,000 to the CALS Excellence Fund this year.
Their gift qualifies for: $500 Federal Tax Savings + $148 State Tax Savings + $1,000 Idaho Education Tax Credit.
With these deductions and the Idaho education tax credit, a $2,000 gift to University of Idaho has an actual cost to them of only $352.
Example based on deductions available for a married couple in the 25 percent tax bracket who itemize their taxes. Your tax benefit is dependent on variables such as your income level and filing status. We urge you to consult with your tax professional to develop the best plan for your personal situation.
To maximize the impact of the Idaho education tax credit, consider a multi-year pledge. A gift of $10,000, given in increments of $2,000 per year over five years, would allow taxpayers like Joe and Jane Vandal to see an actual cost to them of only $1,720 during this five-year period.
If you have questions, please contact us at firstname.lastname@example.org or 208-885-8606.
Estimated Idaho Tax Rate — 7.4 percent
Estimated 2015 Federal Tax Brackets
|Tax Bracket||Single||Married (Joint Filing)|
|10 percent||Up to $9,225||Up to $ 18,450
|15 percent||$9,225 - $37,450||$18,450 - $74,900
|25 percent||$37,450 - $90,750||$74,900 - $151,200
|28 percent||$90,750 - $189,300||$151,200 - $230,450
|33 percent||$189,300 - $411,500||$230,450 - $411,500
|35 percent||Over $411,500||Over $411,500|
- Download the Idaho Education Tax Credit