The following form is a general form for an unrestricted charitable contribution of cash.
Indiana Unrestricted Charitable Contribution of Cash
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How to fill out Unrestricted Charitable Contribution Of Cash?
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FAQ
Are other forms of retirement income taxable in Indiana? Pension income, 401(k) income, IRA income and income from any other retirement savings accounts are all taxable in the state of Indiana. The state tax rate is 3.23%.
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Indiana University without having to pay income taxes on the money.
¶16-220, Subtractions--Charitable Contributions The deduction is effective beginning in tax year 2018. The deduction applies to both the individual and corporation income taxes.
Federal law limits cash contributions to 60 percent of your federal adjusted gross income (AGI). California limits cash contributions to 50 percent of your federal AGI.
Your deduction for charitable contributions generally can't be more than 60% of your AGI, but in some cases 20%, 30%, or 50% limits may apply.
Indiana has adopted the Internal Revenue Code as in effect March 31, 2021, thus incorporating the federal changes into Indiana law. However, in 2018, Indiana decoupled from the provisions of IRC § 163(j), allowing the full amount of the deduction. The allowance of the full deduction will continue to be allowed.
¶16-220, Subtractions--Charitable Contributions Taxpayers may also deduct contributions made in previous taxable years provided they are eligible to be carried forward under federal law. The deduction is effective beginning in tax year 2018. The deduction applies to both the individual and corporation income taxes.
Use QCDs to manage your required minimum distributions from an IRA. A qualified charitable distribution (QCD) allows individuals who are 70½ years old or older to donate up to $100,000 total to one or more charities directly from a taxable IRA instead of taking their required minimum distributions.
