Originally Posted by alfonseny
#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.