2020 Charitable Donations
Northern Indiana Bluegrass is a 501(c)(3) tax exempt organization. Charitable donations to the club are deductible from your taxes. The recently enacted government stimulus bill (the "CARES Act") provides some additional tax relief for donors. This makes it easier to give and save at the same time.
To encourage charitable giving in 2020, the CARES Act includes two tax provisions that reward people who donate to charity.
First, a new "above-the-line" deduction of up to $300 is allowed for cash donations to charity in 2020. Donations to donor advised funds and certain organizations that support charities are not deductible. You can't claim this deduction if you itemize deductions on your 2020 tax return (i.e., you must claim the standard deduction).
For taxpayers who do itemized on their 2020 return, the 60% of adjusted gross income limit that normally applies to cash contributions is waived. That means you can deduct more of your charitable cash contributions this year. As with the new above-the-line deduction, donations to donor advised funds and supporting organizations don't count.
If you have questions, seek help from your tax advisor.
Please consider supporting your favorite bluegrass festival by becoming a 2020 Patron. For a $100 donation, you will receive a family membership for the 2020 year (which entitles you to discounted tickets for the festival and newsletters through April 2021), a special edition 2020 Patron T-Shirt with the NIBGA bullet on the back, and your name listed on all donor publications and announcements. A second shirt is an additional $20. Order Form