About UsTax Benefits of You LIFE Donation
Reduce Your Taxes!
Your contributions to L.I.F.E. can make you eligible for favorable tax benefits that greatly reduce the actual cost of your donation to you. This is especially true if you qualify for the Idaho Education Tax Credit.
Donations to Idaho public schools and their foundations-as well as many other educational institutions in the state-are eligible for the Idaho Education Tax Credit subject to certain limitations. The Idaho Legislature has doubled the size of the tax credit you may take beginning in 2002: 50% of eligible donations up to a $100 tax credit for a single taxpayer, $200 for a married couple filing jointly; $1,000 for a corporation.
The information below gives examples intended only to demonstrate the possible full impact of these tax benefits. While the L.I.F.E. office is happy to answer your questions you may have on these matters, we recommend you also consult with your accountant or tax preparer for professional advice.
| Your Donation to LIFE | Value of Federal Tax Deduction | Value of Idaho State Tax Deduction | Value of Idaho Education Credit | Your After Tax Cost of Gift |
|---|---|---|---|---|
| For Single Taxpayers: | ||||
$100 |
$27 |
$7.80 |
$50 |
$15.20 |
$200 |
$54 |
$15.60 |
$100 |
$30.40 |
$400 |
$108 |
$31.20 |
$100 |
$160.80 |
| For Married Couples, Filing Jointly: | ||||
$100 |
$27 |
$7.80 |
$50 |
$15.20 |
$200 |
$54 |
$15.60 |
$100 |
$30.40 |
$400 |
$108 |
$31.20 |
$200 |
$60.80 |
| For Corporations (different tax rates are used; tax credit is larger) | ||||
$100 |
$34 |
$7.60 |
$50 |
$8.40 |
$500 |
$170 |
$38.00 |
$250 |
$42.00 |
$1,000 |
$340 |
$76.00 |
$500 |
$84.00 |
$2,000 |
$680 |
$152.00 |
$1,000 |
$168.00 |
Note: The amounts in columns 2 and 3 are earned by itemizing charitable gifts on your federal and state tax long forms. The Idaho Education Tax Credit amount (column 4) is earned only by using the Idaho State Tax long form. When using the state long form, you do not have to itemize all tax deductions, but can take the "standard deduction" amount instead.
Did you know?
There are seven elementary schools, two junior high schools, one alternative school and one high school in the Lewiston School District.
