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Will there be tax implications for the money raised?

Last Updated: Feb 02, 2016 01:23PM CST
Because GiveForward is not authorized to give tax or legal advice, you should always consult with a tax accountant or attorney if there is any question regarding the implications of the funds raised on GiveForward.  It is our understanding that funds raised are treated like a birthday or wedding gift, and do not count as taxable income.  

Any fundraiser that collects more than $20,000 and receives more than 200 individual donations will be issued a 1099-K form to show allocation of funds. The 1099-K form will be issued to the Funds Manager. For more information on 1099-K forms and WePay's tax reporting policy, check out this article.

If an individual contribution is higher than the annual gift tax amount, approximately $13,000, the donor may be subject to tax liability. Please refer to IRS.gov for information about Gift Taxes.  

Those on medicaid or SSI should check with a benefits specialist before depositing a GiveForward check. Please check with the Patient Advocate Foundation or the Cancer Legal Resource Center if you have questions.

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