New Charitable Giving Rules
by Meranda Dooley, Manager of Individual Giving
The Madison Symphony Orchestra is proud to have a broad base of donors who contribute to the annual fund at a wide range of levels. There are important changes to charitable giving tax law, effective as of January 1, 2026, that apply to donors at any amount.
The One Big Beautiful Bill Act (OBBBA) now provides a charitable giving deduction for filers who take the standard deduction instead of itemizing their deductions. This change will apply to a wide population, as the majority of filers choose to take the standard deduction. Individual filers may now deduct charitable contributions up to $1,000 and couples may deduct up to $2,000.
Filers who contribute more than the limits above may be able to deduct through itemization. However, deductions will only apply to contributions more than 0.5% of Adjusted Gross Income (AGI). Additional changes apply to itemizers, including new limitations on deductions. Starting at age 70 ½, donors can continue to give directly from an IRA through a Qualified Charitable Distribution to reduce their taxable income.
Donations to the Madison Symphony Orchestra of any amount make a difference and support our mission to share great music. Under these new rules, many more people can donate and receive a tax benefit at accessible amounts. This may result in more donors and greater giving that strengthens philanthropy nationwide and for years to come.
Please note that this article is intended to provide general information only and does not constitute legal or financial advice. Please consult with your financial advisor to understand how these changes may apply to you. You can read more details about these changes at taxfoundation.org/blog/charitable-deduction-big-beautiful-bill/ and irs.gov/newsroom/one-big-beautiful-bill-provisions.