Idaho Education Donation Credit

Idaho Medical Savings Account
February 1, 2016

Idaho Education Donation Credit

Since my last two posts have been related to deductions and  credits available to Idaho taxpayers, I thought I would continue with that trend for this post. Another tax break available to Idaho taxpayers is for donations of cash to Idaho educational entities. This is a tax credit of up to $500 for single filers and $1000 for married filing joint filers. Remember a credit is a dollar for dollar reduction in taxes so it is much more valuable than a deduction. A qualifying educational entity includes a nonprofit, public or private Idaho school (elementary, secondary or higher education) or its foundation (a full list of qualifying entities is located at the end of this post). So just remember the next time the PTA comes asking for money for your kids’ schools that your donation will get you a tax credit, meaning you’ll get all that money back on your tax return. Just make sure you keep a record for your taxes. Be generous, our kids are worth it! Schedule an Appointment

Qualifying Educational Entites

A nonprofi t corporation, fund, foundation, research park, trust, or association organized and operated exclusively for the benefi t of Idaho colleges and universities  A nonprofi t, private or public Idaho school (elementary, secondary or higher education) or 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 nonprofi t museum  The Idaho Commission for Libraries  Idaho Commission on Hispanic Affairs  Idaho Commission for the Blind and Visually Impaired  Idaho Council on Developmental Disabilities  Idaho State Independent Living Council  Idaho Council for the Deaf and Hard of Hearing


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