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CARES ACT: IMPACT ON DONORS

Legislation known as the CARES Act (Coronavirus Aid, Relief and Economic Security Act) is designed to assist the economy from the effects of COVID-19, which was passed by Congress and signed into law by President Trump on March 27, 2020. The following is a short summary of how the CARES Act may impact our donors.

New Charitable Deduction for Non-Itemizers:

Taxpayers who take the standard deduction ($12,000 for individual filers; $18,000 for head-of-household filers; and $24,000 for married individuals filing a joint return) will be able to claim a charitable deduction of up to $300 for cash donations to qualifying 501(c)(3) organizations, such as NSU Art Museum, made in the calendar year 2020. This charitable deduction would be listed on the 2020 tax return, filed by April 15, 2021. This is expected to continue after tax year 2020.

Higher Deduction Limits for Itemizers:

Taxpayers who itemize deductions will be able to claim charitable contributions to the extent of their entire adjusted gross income to qualifying 501(c)(3) organizations, such as NSU Art Museum, made in 2020. Also, the deduction limit for corporations has been raised from 10% to 25% of taxable income. This charitable deduction would be listed on the 2020 tax return, filed by April 15, 2021. This is only in effect for tax year 2020.

IRA Charitable Rollover:

The rules for the IRA Charitable Rollover remain the same. However, for those taxpayers who itemize, an individual could, in essence, withdraw and then contribute a larger amount to a qualifying 501(c)(3) organization, with the deduction offsetting the taxable withdrawal.

This summary is for informational purposes only. Individuals are urged to consult with their personal tax financial advisors.

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An NSU Art Museum gift membership is an inspiring way to show your support and share your love of the arts with others.

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Make a Donation

Donations of all levels help the Museum fulfill its mission of providing exceptional exhibitions and programs for all to enjoy. We thank you for your support.

Please note that your contribution may be tax deductible within legal limits.

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For information on making a donation of Publicly Traded Securities (Stocks) or Wire Transfer instructions, please contact Anna Sorensen, Director of Development at [email protected] or 954-262-0243.