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 |