Contact Us: 317-472-2052  scholarships@sagamoreinstitute.org

Man writing a payment cheque at the table with calculator and glasses

TAX BENEFITS

The state of Indiana sets aside funding for tax credits for individuals and businesses that wish to support scholarships for eligible students attending qualified private schools.  Donors receive a state tax credit equal to fifty-percent (50%) of the amount donated. Because Sagamore Institute is a 501(c)(3) charitable organization, the donation is also eligible for a federal deduction. There is no limit on the amount of tax credits an individual or business can receive. Please consult with a tax professional regarding your unique circumstances because federal deductions vary.

 

The chart to the right shows some examples of potential tax savings.  The federal tax savings are shown in a range because the actual amount depends on the tax bracket of the filer.  The federal calculations are based on the assumptions that 100% of the donation amount is listed on Schedule A as a charitable deduction, and that the state/local taxes amount on Schedule A will be reduced by 50% of the donation amount.

Chart for tax savings

Please consult a tax professional about your specific tax situation!