Welcome Guest. Register Now!  


Social Security Social Security benefits and tax issues


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-12-2014, 03:15 PM
Junior Member
 
Join Date: Mar 2014
Posts: 2
Question Question?

I live in New York and volunteer my time on facebook helping animal advocates rehome animals doomed to die and be euthanize on a kill list from animal care and control. I started a event to call politicians and many volunteer members joined to make these calls. However, many politicians have not been receptive to publics pleas. So we contemplated having a fundraiser and raising money to buy a billboard, possibly, knowing alot of money would need to be raised.

My question is that my only concern is TAXES !! My only source of income is SSD because i am on pernament disability and not working. Do i have to pay taxes because i created this fundraiser and thousands will be needed to be possibly raised purchased this billboard?? I am not part of 5013c rescue or organization either.

**This is an important cause and i need to know an answer so i know rather to proceed or not! **

NOT SURE MAYBE $20,000 OR $25,000 just throwing in those figure amounts.
Never purchased a billboard in Manhattan, NYC -- location.


Last edited by alfonseny : 03-12-2014 at 03:33 PM.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-12-2014, 07:36 PM
Moderator
 
Join Date: Oct 2010
Posts: 4,836
Quote:
Originally Posted by alfonseny View Post

My question is that my only concern is TAXES !! My only source of income is SSD because i am on pernament disability and not working. Do i have to pay taxes because i created this fundraiser and thousands will be needed to be possibly raised purchased this billboard?? I am not part of 5013c rescue or organization either.

**This is an important cause and i need to know an answer so i know rather to proceed or not! **

NOT SURE MAYBE $20,000 OR $25,000 just throwing in those figure amounts.
Never purchased a billboard in Manhattan, NYC -- location.
yes it is taxable UNLESS you set up a charitable organization under 501(c)(3) where people animal advocates, can benefit from it as well. but you have to get approval by the irs. you can call irs to pick up the 501(c)(3) application form and also, pick up the application form for private foundations. that is another kind of organization that may help. HOWEVER, regarding your SSDI benefits, if you single, UNLESS your MAGI, provisional income , exceeds $25K, your SSDI benefits is not taxable income.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 03-12-2014, 10:53 PM
Junior Member
 
Join Date: Mar 2014
Posts: 2
Question Question?

Just alittle confused on your reply. Is it necessary to get these forms you mentioned? I am single and not involved in any organizations which requires a 5013c and i hear this takes a long lengthy time to get. However, i am not interested in applying unless i am considering to be involve in rescues. As a single person on SSD if i raised over $20,000, $25, 000 or $30,000 will i gave to pay taxes on this money donated/raised for a billboard myself personally as a single person that created the fundraiser? Or will these donations be considered personal gifts?

What is MAGI ??



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 03-13-2014, 01:29 AM
Moderator
 
Join Date: Oct 2010
Posts: 4,836
Quote:
Originally Posted by alfonseny View Post

#1;Just alittle confused on your reply. Is it necessary to get these forms you mentioned?


#2;I am single and not involved in any organizations which requires a 5013c and i hear this takes a long lengthy time to get. However, i am not interested in applying unless i am considering to be involve in rescues.


#3;As a single person on SSD if i raised over $20,000, $25, 000 or $30,000 will i gave to pay taxes on this money donated/raised for a billboard myself personally as a single person that created the fundraiser? Or will these donations be considered personal gifts?

#4;What is MAGI ??
#1;Please read the post line by line thoroughly; I did not say the forms are NECESSARY;however, if you set up a charitable organization under 501(c)(3), then you need some forms to get approval from IRS.

#2;OK I got yu.Agreed; it is up to you, then the money that you receive from those fundraisers will be considered a gift to you. It will not be taxable to you unless you are to invest the money ( put into savings acct) and it earned interest, then the interest would be taxable. . No taxes would be due on these amounts.
#3; No sorry for that my bad; as you said they are gifts for you as said above.
Or will these donations be considered personal gifts?==Yes And as a recipient, the donations, wouldn’t be added to your taxable income on 1040 so as single.


#4; MAGI or provisional inocm eis your AGI+50% of your Soc sec bebnefits + tax exempt income (if you have)+FTEXCL(if you have); aslongas the MAGI exceeds $25K as single, then you must include 50% of your soc sec benefits as your AGI on your return to pay tax on the amount, 50% of your soc sec at your marginal tax bracket.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
AGI Question - foreign income question tikomh Income 1 04-09-2012 09:22 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning