Indiana residents contributing to IU Kokomo through the IU Foundation qualify for the Indiana Tax Credit. For a couple filing jointly, a $400 contribution reduces their Indiana tax liability by $200. For an individual return, a $200 donation will reduce the donor's liability by $100.
For Federal Tax Returns, people who itemize deductions may deduct 100 percent of all charitable contributions subject to the general cash limitation of 50 percent of adjusted gross income. Consult your tax advisor for specific information.