I lead a small church as a volunteer and received a gift of appreciation of $1240. The church sent me a 1099 Misc form. Is this gift taxable to me

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I lead a small church as a volunteer and received a gift of appreciation of $1240. The church sent me a 1099 Misc form. Is this gift taxable to me

The 1099-misc turned your gift into taxable compensation. if the amount is in box 7, it will be subject to FICA as well as income tax.

This is a work around, in TurboTax, to avoid FICA; but box 7 is a red flag to the IRS

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I lead a small church as a volunteer and received a gift of appreciation of $1240. The church sent me a 1099 Misc form. Is this gift taxable to me

The 1099-misc turned your gift into taxable compensation. if the amount is in box 7, it will be subject to FICA as well as income tax.

This is a work around, in TurboTax, to avoid FICA; but box 7 is a red flag to the IRS

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