Idaho Education Tax Credit
It doesn’t have to cost a lot to make a big difference at Bishop Kelly
The Idaho Education Tax Credit lets you support Idaho Catholic Schools with dollars you would otherwise pay on your Idaho Income Tax Return. And now, the State of Idaho has increased the tax credit fivefold! Starting in 2011 and going through 2016 the State will CREDIT 50% of the first $500 for an individual or $1000 for a married couple filing jointly.
In addition, 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 your deductions.) Depending on your tax bracket and liability, your contribution to Bishop Kelly could cost you very little.
The chart below shows examples of how the Idaho Education Tax Credit works based on the 35% marginal tax bracket and itemized taxpayer return. You must have a large enough tax obligation to qualify. Figures are estimates. As always, we recommend discussing your specific tax situation with your tax advisor.