Tax Information (thanks to one of our parishioners!)
Charitable Contributions for Non-Itemizers (#70424)
The One Big Beautiful Bill (OBBBS) created a
permanent above the line deduction for charitable contributions by taxpayers who
do not itemize. The deduction is capped at $1,000 for single filers and $2,000 for joint filers, effective 2026. Keep all charitable receipts. If beneficial for you to use Schedule A, Itemized Deductions, any excess can be added to Schedule A.
Senior Deduction (#70103
)From 2025 through 2028, seniors aged 65 and older can claim an additional $6,000 tax deduction. This benefit begins to phase out at a rate of 6% for individuals (S) with modified adjusted gross income (MAGI) over $75,000, or $150,000 for those filing jointly (MFJ) To qualify, each taxpayer must have a Social Security Number valid for work. The deduction is not available to taxpayers who file as married filing separately (MFS).