Tax Time and Gifting

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Thank you for helping to support students in their journeys through education. While your continued generosity helps them turn their dreams into realities, your gifting can be of financial benefit to you as well.

Donations to College of Western Idaho (CWI) Foundation can provide a tax break at the end of the year. In some cases, the deductions can almost offset the cost of the gift. For most people, there are a few ways to save on your annual income tax liability by donating to the Foundation. When a charitable deduction is made to the Foundation, you get to deduct it—along with your other charitable donations—from federal and state taxable income. In addition, the State of Idaho allows a tax credit equal to one-half of your contribution up to a maximum credit of $1,000 for married filers and $500 for single filers.

Here are some examples of the tax credit and tax savings for a married couple (in the 28% federal tax bracket) when making a gift to the Foundation*:

Contribution Amount Federal Tax Savings Idaho Tax Savings Idaho Education Credit Total Tax Savings Your Net Cost
$1,000 $280 $74 $500 $854 $146
$500 $140 $37 $250 $427 $73
$250 $70 $18.50 $125 $213.50 $36.50
$100 $28 $7.40 $50 $85.40 $14.60

 

*Certain limitations apply. Please make sure to consult your tax professional for guidance regarding your specific tax situation.