Recent changes to the tax code have created a potential benefit for those who do not itemize their deductions, which is currently about 90 percent of taxpayers. In the past, many donors were not able to receive any tax benefit for their charitable contributions. Starting with the 2026 tax year, those who take the standard deduction can now also deduct up to $1,000 in charitable contributions for Singles and $2,000 for Married filing Jointly in addition to the standard deduction. This provides an exciting opportunity for more people to support their favorite causes while also receiving a tax break.
There are also two other long-standing ways to make charitable donations that can reduce your tax burden. First, if you are 70.5 or older, you can make a donation directly from your IRA to a qualified charity through a Qualified Charitable Distribution. These donations are not taxed and do not increase your Adjusted Gross Income. Second, once you reach age 73 and are required to take Required Minimum Distributions from your retirement accounts, any portion of your RMD donated directly to a qualified charity is also excluded from taxable income.
St. Mary Magdalene has a brokerage account available to receive these types of charitable donations, making it easy for supporters to take advantage of these options.
As always, individual circumstances vary, so please consult your tax accountant or financial advisor to see how these changes might affect your personal situation and to determine the best way to structure your charitable giving.you are considering a gift this year, we hope you will keep St. Mary Magdalene in mind and help us continue the work of faith, service, and outreach that touches so many lives.
