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pumpkin1007
Level 1

If a for-profit that you volunteer at gives you an achievement award or thank-you gift, is it taxable?

It's a startup dependent on volunteers in its pre-revenue stage. 

1 Best answer

Accepted Solutions
MinhT
Expert Alumni

If a for-profit that you volunteer at gives you an achievement award or thank-you gift, is it taxable?

Yes, your thank you gift must be reported as Other reportable income.

In TurboTax, open your return and follow these steps:

  • Click on Federal in the left-hand column, then on Wages and Income on top of the screen
  • Scroll down to All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom and click Show More
  • On the next page, click Start next to Other Reportable Income.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
MinhT
Expert Alumni

If a for-profit that you volunteer at gives you an achievement award or thank-you gift, is it taxable?

Yes, your thank you gift must be reported as Other reportable income.

In TurboTax, open your return and follow these steps:

  • Click on Federal in the left-hand column, then on Wages and Income on top of the screen
  • Scroll down to All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom and click Show More
  • On the next page, click Start next to Other Reportable Income.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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