Go Fund Me

[LesGrace]

I received 800 dollars thru a go fund me page I started for my wife to help with expenses. How do I show this in turbo tax.

[carmen_t]

Hello and thank you for your question.  I am going to respond and assume the gofundme was to pay for an unexpected expense rather than to fund a business.  You will more than likely receive a 1099K.  1099Ks issued are documents IRS has access to and if not reported on tax return may result in a letter from IRS of adjustment.  One way to handle it is to add it in TurboTax under other miscellaneous income.  The first line item will be of the gofundme amount then enter a second line item for the negative amount to account for gift.  You will be asked for a description when entering.  I will also recommend to keep whatever documentation you have to ascertain the gifts and nothing offered in return if asked to provide support for adjustment letter or audit.