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Opens in new window Idaho Education Tax Credit
Dear Friends of the Warhawk Air Museum,
It’s possible that a $2,000 donation to the Warhawk could effectively cost you as little as $300.
How? Because the Idaho Education Tax Credit (IETC) lets you support the museum with dollars you would otherwise pay in state taxes:
“Last year, we discussed with our tax advisor taking advantage of the IETC.
Wow! A great tax incentive!! The net cost of our $2,000 donation was only $500! We wish we had known about it sooner!”
– Susan and John Hill
The chart below, reviewed and validated by our public accounting firm Little-Morris LLP, illustrates how IETC works based on the 35% marginal tax bracket, itemized return. The figures are estimates. As always, we recommend discussing your specific tax situation with your tax advisor. The highlighted areas denote where your gift maximizes the tax credit.
| Joint Return Gift Amount | $250.00 | $400.00 | $1,000.00 | $2,000.00 | $5,000.00 |
| Tax Benefit from Itemizing Deductions* | ($87.50) | ($140.00) | ($350.00) | ($700.00) | ($1,750.00) |
| 50% Idaho Education Credit | ($125.00) | ($200.00) | ($500.00) | ($1,000.00) | ($1,000.00) |
| NET Out of Pocket Cost of Contribution | $37.50 | $60.00 | $150.00 | $300.00 | $2,250.00 |
| Single Return Gift Amount | $250.00 | $400.00 | $1,000.00 | $2,000.00 | $5,000.00 |
| Tax Benefit from Itemizing Deductions* | ($87.50) | ($140.00) | ($350.00) | ($700.00) | ($1,750.00) |
| 50% Idaho Education Credit | ($125.00) | ($200.00) | ($500.00) | ($500.00) | ($500.00) |
| NET Out of Pocket Cost of Contribution | $37.50 | $60.00 | $150.00 | $800.00 | $2,750.00 |
| Corporate Gift Amount | $10,000.00 |
| Tax Benefit from Itemizing Deductions* | ($3,500.00) |
| 50% Idaho Education Credit | ($5,000.00) |
| NET Out of Pocket Cost of Contribution | $1,500.00 |
Highlighted Area = where your gift maximizes your credit
The State of Idaho will credit 50% of the first $500 for an individual or $1000 for a married couple filing jointly. The normal charitable deduction permits you to deduct the amount of your contribution on your Federal Income Tax Return as well as on your State Income Tax Return (if you itemize). Depending on your tax bracket and liability, your contribution to the Warhawk Air Museum could cost you very little.
Contact your Tax Advisor
Everyone’s situation is different. If you have made a gift or are considering making a gift, consult with your tax advisor to find out how the IETC can benefit your personal tax situation and the Warhawk Air Museum!
Learn How to Give or make a Donation online!