Idaho Personal Income Tax Credits

AKA the library, schools, Kinderhaven and PSNI credits     

CREDITS FOR CONTRIBUTIONS TO IDAHO EDUCATIONAL ENTITIES 

If you donated cash to a qualified educational entity, you may qualify to claim a tax credit.  Donations of goods and services do not qualify.  The credit is one half of the amount donated or one half of the tax due, whichever is less.

The maximum limitations are:

        Married Filing Joint:       Donate $2,000, Reduce your income taxes by $1,000

        Single:                          Donate $1,000, Reduce your income taxes by $500.

 

Some of the eligible institutions include:

 

·         *  A non-profit organization that benefits Idaho colleges and universities

·         *  A nonprofit private or public school (elementary, secondary or higher) and its foundation

·         *   Idaho education public broadcast system foundations

·         *  The Idaho State Historical Society or its foundation

·         *   An Idaho public library or its foundation

·         *  An Idaho library district or its foundation

·         *   An Idaho public or private nonprofit museum

·         *  And some others, please consult us

In Bonner County, consider donations to public and private schools, PAFE, Idaho Public Radio, the Library, and the Museum.

 

 CREDITS FOR CONTRIBUTIONS TO IDAHO YOUTH AND REHABILITATION FACILITIES

If you donated cash or goods to a qualified center for independent living, to a youth or rehab facility or its foundation, or to a nonprofit substance abuse center licensed by the Idaho Department of Health and Welfare, you may qualify to claim a tax credit.  The credit is one half of the amount donated or 20% of the tax due, whichever is less.

The maximum limitations are:

        Married Filing Joint:       Donate $400, Reduce your income taxes by $200

        Single:                          Donate $200, Reduce your income taxes by $100.

Some of the eligible institutions in North Idaho include:

  *  Anchor House, Coeur d’Alene

·         *   Children’s Village, Coeur d’Alene

·         *   Idaho Drug Free Youth, Coeur d’Alene

·         *   Idaho Youth Ranch

·         *   Kinderhaven, Sandpoint

·         *  Northwest Children’s Home

·         *   Panhandle Special Needs, Sandpoint

·         *  Transitional Employment Services for the Handicapped, Coeur d’Alene

 For Married Filing Joint Taxpayers who are in the 28% tax bracket, a $400 donation to one of these nonprofit organizations may only cost as little as $57 after-tax and benefits the local area.