Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Feb 11, 2025 11:14:04 AM

Money received FROM a 501c3

If a person receives money as a gift FROM a 501c3, is this amount reported as income? The amount was under $6,000. No 1099 was issued. It was not compensation for employment.

0 3 705
3 Replies
Level 15
Feb 11, 2025 11:16:28 AM

A gift received is not reported on a tax return, regardless of the amount received.

Expert Alumni
Feb 11, 2025 11:16:56 AM

If it is a gift then it is not taxable and not reportable on your tax return.

New Member
Feb 11, 2025 11:38:56 AM

As others have said, if it is a gift, then it is not considered income to you.

Where you have to be careful is if you made a donation to the 501c3, and wanted to deduct that as a charitable donation, you would first need to subtract the amount of the 501c3's gift to you