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:

2021 Taxable Income Your Donation Federal/Idaho Tax Savings* Idaho Tax Credit Total Tax Savings for the Year Your Net Cost
$19,901 – $81,050 $500 $60 $250 $310 $190
$81,051 – $172,750 $500 $110 $250 $360 $140
$172,751 – $329,850 $500 $120 $250 $370 $130
$329,851 – $418,850 $500 $160 $250 $410 $90
Over $418,450 $500 $175 $250 $425 $75