TABLE OF CONTENTS What are crowdfunding donations? Are crowdfunding donations tax deductible? What are charitable contributions?. Other donations that are not considered charitable giving for tax purposes include funds to. There is a platform and processing fee and donors have the option to tip GoFundMe to cover the cost of their support services. 25 is sent to the beneficiary of the fundraiser after processing and appropriate verification. The instructions included with this notice are fairly scattered, and often leave the recipient with more questions. For tax year 2021, the threshold for a crowdfunding website to file and furnish a Form 1099-K was met if, during calendar year 2021, the total of all payments distributed to a person exceeded. Gifts are not taxable income. If you raised more than $20,000 with over 200 contributors and a valid US bank account, the platform you use will send you a 1099-K form. Usually, a 1099-NEC means you earned income and owe taxes on it. Charities should enroll with PayPal Giving Fund to receive the grants quickly and securely. With more than 50 million donors, the platform has successfully raised over $6 billion till now. 9% +$0. Instead of the troublesome 1099-K form, Coinbase will send the 1099-MISC to users of its interest-bearing products. Donation-based crowdfunding has become very popular as an easy way to raise funds for individuals in need. As part of GoFundMe’s Terms and Conditions, you have represented that you are not providing any goods or services in exchange for the donation of funds. That could be a tax bill and it could be a full audit. com. GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. No 1099-MISC is needed. 1099's are issued for payments made to a payee like partnerships, individuals, and business entities. GoFundMe was launched in May 2010 in an effort to create a platform for individuals to fund their personal causes. I recieved a 1099-k for charitable donations for a person that was terminally ill. Contractors are often known as 1099 employees, as businesses use the 1099 tax form to report payments to the Internal Revenue Service (IRS). 80. Talk to your advisor to learn about recent. The IRS also noted that the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect. Attach a copy of the 1099 and a brief written statement explaining why this does not represent taxable income to you. Does GoFundMe send a 1099? GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. Learn more on gofundme. If you raised money through a crowdfunding platform for personal causes, such as to get help with a medical bill or to source money for an educational goal, those. GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. 31, 2021, a Form 1099-K was required to be filed. If your crowdfunding income is not taxable, you do not need to pay tax on the amount reported on Form 1099-K. 30 per donation) $48. Debt forgiveness of employees and independent contractors have different reporting requirements. Guide to head of household. As of September 30, 2021, Nonprofits can no longer start new campaigns or accept donations online. Generally, the funds raised through GoFundMe are processed by a third-party organization, such as Pay Pal. The GoFundMe transaction fees tend to vary by country. Check your tax info and claim a tax treaty benefit: Make sure we got your tax info. For charities. Getting a 1099-K from GoFundMe does NOT mean that you have to pay taxes on what’s on your 1099. Countable assets — like cash, savings, stocks, and bonds — are limited to $2,000. How the 1099-K rules have changed (twice) If this sounds off to you, it’s because the IRS announced a big change to 1099-K rules at the end of 2022, just two days before Christmas. 30 per donation. The payer reports the payments to the IRS, and. If you’ve donated, you’ll need to know the deduction regulate. Rebecca’s severe mental illnesses make it difficult for her to do basic things like taking care of herself, getting ready in the morning, going outside and being around other people, and even communicating with others. About Form 1099-MISC, Miscellaneous Information. How does GoFundMe Get Paid? Does GoFundMe send a 1099? How is GoFundMe taxed? Do I have to tip GoFundMe? How long does it take to get money from GoFundMe?. e. Specifically, it submits Forms 1099-MISC to the IRS for US traders who earned over $600 in cryptocurrency rewards or staking during a given year. Also, the GFM was made for me on behalf of a friend of mine, but the…Withholding with 1099 forms isn't common, but it does happen. 49 per transaction. Karma are virtual points given by submitting posts and comments. Crowdfunding sites, like GoFundMe, are legally required to file a Form 1099 with the IRS for campaigns that receive over $20,000 in donations or over 200. The form will show your gross earnings from crowdfunding transactions and assist you in reporting your income. jwb_cpa. If you’ve donated, you’ll need to know the deduction rules. raised of $2,000 goal. This step is not required because S-Corporations are pass-through entities, meaning the business’s income is reported on the owners’ individual tax returns. If strategic tax planning is done prior to the donation, the answer is definitely yes! For further help on this topic Get a free. But, you can always check with a tax professional to be sure. GoFundMe does not currently charge an organization fee or take any commission on the money raised, so 100% of all the money donated goes directly to the beneficiary of the campaign. Some of the most prominent cryptocurrency exchanges issue a specific type of 1099, known as form 1099-K, to qualifying customers. DO. You’ll also need to include the total amount you’re reporting but just for the 1099 you’re attaching to this form. Does GoFundMe send a 1099? Can I start a GoFundMe for myself? What percentage does GoFundMe take 2020? Do you need a bank account for GoFundMe? Related Posts; Can I use GoFundMe for a PC? GoFundMe is a platform meant for financial assistance for real problems, like cancer bills, domestic violence, and bail for a wrongful. GoFundMe taxes are non-taxable for the most, however, there may be certain situations and donations which may require taxable donations, depending on the amount that is being raised form the donations and where the donation is being used or the use of funds for a particular cause, but the GoFundMe connects with all like-minded people who come. Does GoFundMe send a 1099? Arguably, it does. . Does GoFundMe send a 1099? GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. GoFundMe and other crowdfunding platforms will usually issue an IRS 1099K (Payment Card and Third Party Network Transactions) to the campaign organizer. Nerdy takeaways. S. If you have GoFundMe receipts, you should probably expect IRS scrutiny. Worth metro. If you have GoFundMe receipts, you should probably expect IRS scrutiny. The IRS does not consider. Simple pricing, powerful fundraising. income. We are the #1 event fundraising platform in the world and are trusted by partners like UNICEF, American Red Cross, American Cancer Society, International Rescue Committee, Boston Marathon, New York City Marathon Tough Mudder and thousands. Here’s how it works. Gifts are not taxable income. There was a low 3% processing fee and the ability to add a crowdfunding link to nonprofit websites, but organizations’ options to raise funds were pretty limited. GoFundMe told CNN Business it does not issue 1099 forms. If you want to avoid that scrutiny, it’s best. If you have connected a bank account when you created your GoFundMe, the money will be automatically deposited. 30 is automatically deducted from each donation, so you never have to worry about paying a bill. One-third of the people living on these two reservations do not have running water, and another third don't have electricity. GoFundMe’s payment processing fee is 2. Give kindness. If you’ve donated, you’ll need to know the deduction rules. Only donations made to GoFundMe charity fundraisers are guaranteed to be tax-deductible in the US, the UK, Canada, Ireland and Australia and will automatically receive tax receipts from our charity partner, PayPal. 9% + $0. Typically, money raised through a crowdfunding site such as Go Fund Me is processed. If the money you raised is tax-free, you generally don’t need to report it. A PSE must file Form 1099-K for payments made outside the United States to an offshore account if any of the following apply. This new 1099 form is what 99% of people filing 1099s are going to use, since the. No one likes a tax audit, and there are numerous tales about what will provoke one. 1 mo. Here are the most important steps to take throughout your fundraiser: Tell your story in at least 1-3 paragraphs. Contact the help desk Monday through Friday 7:30 a. One transaction fee. If you have GoFundMe receipts, you should probably expect IRS scrutiny. Holiday potluck. Another straightforward way to spot a scam is to read the campaign description and any associated updates thoroughly. GoFundMe does not withhold funds for tax purposes or otherwise. Does GoFundMe send a 1099? GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. Again, this exemption does not apply to LLCs. Outside of the 1099-MISC, you may need to file your estimated taxes quarterly if you’ll pay more than $1,000 in taxes for the fiscal year. 3. This means that your earnings are subject to the self-employment tax. Of all the church fundraiser ideas, this one is a classic. Crowdfunding sites like GoFundMe and Kickstarter must report campaigns to the IRS that total $20,000 or more and has at least 200 transactions. 80. This form is not required for personal payments, only for business payments. How do I get a receipt from GoFundMe? Does GoFundMe send a 1099? How much money can a person receive as a gift without being taxed? Why does GoFundMe charge a fee?. For calendar year 2023 and later: You receive more than 600 USD in gross. GoFundMe will send a copy of the counter-notice to the. 30 per donation. 1. You get a 1099 for dividends when it’s over $600. 3. There are several types of 1099 forms, but the most common is 1099-MISC, in which your business reports miscellaneous income. Are personal gifts tax deductible? Are gifts to individuals considered tax deductible? Does GoFundMe send a 1099? GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. The 1099-K form is submitted by Shopify to the IRS if you are using Shopify Payments and meet the following requirements: For calendar years prior to (and including) 2022: You receive more than 20,000 USD in gross payments and have more than 200 transactions. Pick a platform. Failing to do so can result in. GoFundMe: The most trusted online fundraising platform for any need or dream. That could be a tax bill and it could be a full audit. Donations to 501 (c))3) nonprofit organizations are tax-deductible. Gifts to friends are not reported on an income tax return - and that is the recipient or the donor. An organization does not withhold income tax or Social Security and Medicare taxes from, or pay Social Security and Medicare taxes or federal unemployment tax on, amounts it pays to an independent. For the 2022 tax year, taxpayers will follow guidelines set forth by the old IRS rule — you should receive a 1099-K form if you earned at least $20,000 or received at least 200 transactions. Income you receive from any sources other than an employer must be reported to the IRS after the end of the tax year, just like the income from your job. Generally, the funds raised through GoFundMe are processed by a third-party organization, such as Pay Pal. Money collected through crowdfunding campaigns capacity be considered nontaxable if it meets the IRS' definition of a talent. That could be a tax bill and it could be a full audit. 2. GoFundMe charges one transaction fee—that’s it. You would receive $96. Donations made via GoFundMe are sent directly to PayPal Giving Fund and not the fundraiser. A person receiving a Form 1099-K for distributions of money raised through crowdfunding may not recognize the filer's name on the form. In the United States, this fee is 2. You don’t need social media to share your GoFundMe link with your friends and family. Does GoFundMe send a 1099? Arguably, it does. Launched in 2010, GoFundMe is the world’s largest social fundraising platform, with over $3 billion raised so far. A $600 reporting threshold is required for certain business-related interest earned. At least $600 in:. Do not send detailed proof, but keep the detailed proof with your important financial records for at least three years in case of audit. Trusted. If you raised more than $20,000 with over 200 contributors and a valid US bank account, the platform you use will send you a 1099-K form. According to their 2022 Giving Report, GoFundMe has raised over $25 billion in crowdfunding efforts, with only a small per-transaction fee (2. Per IRS requirements, the third-party payment. We've also provided a downloadable checklist at the end of the article to help keep you on. If you make at least $20. g. Post an update within 1 week. Donations through GoFundMe are processed by third-party organizations that are subject to the IRS reporting rules for payment networks. You are engaged in a trade or business and. GoFundMe will send a notification to all the contributors and process refunds within 14 business days. Are personal gifts tax deductible?Does GoFundMe send a 1099? GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. com Do you have to pay taxes on GoFundMe? Generally, contributions made to “crowdfunding” campaigns (such as GoFundMe) are considered to be personal gifts, and as such, are not taxed as income to the recipient. That could be a tax bill and it could be a full audit. PO Box 3506. Typically, money raised through a crowdfunding site such as Go Fund Me is processed through third-party settlement entities such as PayPal. If you’ve raised funds that are no longer needed and haven’t transferred them to your bank yet, you can refund your donors. For the most part, they do. • You’re required to report all the income you earn,. GoFundMe takes 5% per donation. Getting your money from GoFundMe is easy and secure. Is GoFundMe taxable? It depends. GoFundMe is a for-profit company. Arguably, it does. Provided you adjusted above a GoFundMe or another crowdfunded campaign in 2022, the funds you earned couldn be considered adenine nontaxable gift — if you were mindful of the rules. 4. Crypto taxes. ¹. Gofundme isn't a third party payment platform (like VENMO), so they wouldn't be issuing 1099-Ks. Some Facebook posts advertising Bed, Bath & Beyond clearance sales are scams. GoFundMe, being merely the administrative platform, will not report donations as income or issue any tax documents to donors or donees. Contributors to the crowdfunding campaign receive goods or services for their contributions. In 2022, there were about 31. Mail State copies of 1099’s to the following address: Kansas Department of Revenue. Tessa is a International Board Certified Lactation Consultant (IBCLC), working in private practice in her business Bayou City Breastfeeding and 1099 contract employee in a physician's office. While the money you raise should not be considered taxable, you will have the. But you can always check with a tax professional to be sure. Fundraise for. This is why your official donation receipt comes from PayPal Giving Fund. Getting a 1099 doesn't mean. For more information, visit IRS. Does GoFundMe send a 1099? How much does the average GoFundMe raise?. 00 and the maximum donation amount is £30,000. The agency on Friday announced a one-year delay for a new tax reporting rule, requiring payment services to issue Form 1099-K for business transfers over $600, and many tax experts have applauded. 9% payment-processing fee on each donation, along with 30 cents for every donation. Generally, contributions made to “crowdfunding” campaigns (such as GoFundMe) are considered to be personal gifts, and as such, are not taxed as income to the recipient. Starting and running a fundraiser What to know when creating, launching, and running your fundraiser. 1) You are likely to receive one. All 1099 employees pay a 15. GoFundMe fees. A 1099-INT is for Interest Income. Today they must file 1099 data electronically and so it's just another record in the data file. Many different types of 1099 forms are based on different income sources, as discussed above. 80. E-file Forms 1099-MISC, 1099-NEC, 1099-INT and more for free with the Information Returns Intake System (IRIS). 1. Does GoFundMe send a 1099? Arguably, it does. GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. Your donation is protected by the GoFundMe Giving Guarantee. GoFundMe, one of the best known crowdfunding platforms, notes on its site that donations to a personal GoFundMe fundraiser are "generally considered to be personal gifts and are not guaranteed to be tax deductible. 9% payment-processing fee on each donation, along with 30 cents for every donation. 1099-K. Yes, you can cancel a donation on GoFundMe. Crowdfunding harnesses the power of social networks and the internet to give people the means to raise funds, help others overcome hardship, and meet aspirational goals. 1099 – INT: Sent to banks, brokerage firms, or anyone receiving over $10,000 in interest. In fact, over $9 billion has been raised by individuals on GoFundMe. If you are an independent contractor, you are 1099 self-employed. When you’ve donated, you’ll need at know the deduction rules. Otherwise, you can manually add your banking information to withdraw the funds. We VERIFY where your money goes when you donate to a fundraising campaign on the websites. If you have GoFundMe receipts, you should probably expect IRS scrutiny. 9% goes to Medicare. The tax consequences depend on whether the money is ultimately going to a personal cause or a nonprofit. GoFundMe, an online fundraising platform, will now offer its services fee-free for new personal crowdfunding campaigns in the U. These contributions also come with free tax receipts from our charity partner, PayPal Giving Fund. If I pay a contractor using Apple Pay, does Apple send them a 1099 at the end of the year? If I pay a contractor using my Apple Pay is Apple Pay considered a 3rd Party that will send out 1099's at the end of the year or do I need to send a 1099 to the contractor. " Does GoFundMe send a 1099? GoFundMe, being merely the administrative platform, will not report donations as income or issue any tax documents to donors or donees. 1099 – DIV: Sent to stockholders earning dividend income. jwh20 jwh20. Improve this answer. Crowdfunding platforms such as GoFundMe have made computers easy to donate to the favorites cause or someone in need. Crowdfunding platforms such for GoFundMe have created computer easy to donate until your favorite cause or person in need. GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. ) If you agree to do anything for the money (web cam, go on dates, etc). Continuous use. Payer’s TIN: List your company’s taxpayer identification number (TIN) as Payer’s TIN. If the money you raise through crowdfunding is given without receiving something in. As a quick refresher: There are many different variations of the 1099 form, but the 1099-K is a tax form that shows all the payments you received through a credit or debit card or some other electronic payment system (these are also known as third-party payment settlement entities or PSEs . Tip: Before you share your fundraiser on social media, email friends and family requesting them to share it on their profiles as soon as you do to maximize reach. " This will allow you to e-file, but the IRS may send you a letter asking for more information. You won’t be issued a tax receipt from our company. 1099-K simply reports that you had 200 or more transactions netting a total of $20,000 or more through the electronic-payment processor that issued the form. The IRS will then send a 1099. Click Transfer Money. By comparison, Rag & Bone masks cost $21. The. 9% of the total plus 30-cents per donation. Learn brokerage account tax-filing rules, including when consolidated 1099s are due and the deadline for the 2021 tax year. GoFundMe has a 4. The Clear and Simple Answer. TTY/TDD: 866-937-4130. income. Double check the spelling of your email, and it's good practice to make note of your password somewhere safe. GiveSendGo is the leading freedom fundraising platform. Unless the account or payment is designated as personal, it will trigger a reporting requirement if the annual amount exceeds $600. Most people are familiar with GoFundMe as a way to raise money for personal. GoFundMe told CNN Business it does not issue 1099 forms. Enter it as "other income. My best suggestion is to issue a 1099-Misc to your friend. December 21, 2022 Updated Is My Donation Tax-Deductible? Donations made to a personal GoFundMe fundraiser, rather than a charity fundraiser, are generally considered to be personal gifts and aren’t guaranteed to be tax-deductible. Yes, you will have to provide the Child Care provider information (her social security number) on the Form 2441- when you have the Dependent Care Benefits, you are required to report. Please give in the way that is easiest for you! Read more. So when you file your 2023 taxes, you’ll receive a 1099-K if you earned at least $600 across any number of transactions. Although reported on Form 1099-K, these amounts are generally considered personal gifts and would be excludable from a taxpayer’s gross income. Enter your payment details under “Payment method”. How do you do a GoFundMe for a funeral? Let your support network help with memorial costs. Do not send detailed proof, but keep the detailed proof with your important financial records for at least three years in case of audit. 9% + 25p is automatically deducted from each donation for personal fundraisers. PayPal Giving Fund then grants the donation to the donor's recommended charity. Let’s do the math together. As of September 30, 2021, Nonprofits can no longer start new campaigns or accept donations online. If you do share your tax info, your tax rate may be up to 30% of your U. When you donate to a GoFundMe Cause, we distribute your tax-deductible donation to the individuals, organizations, and charities that need it most. 1. 9% processing fee and 30 cents on each donation. 1. 30. Yes. Create your fundraising campaign. " The create a second item of "other income" with a negative dollar amount to offset the income, call it something like "offset for non-taxable gifts. How does GoFundMe Get Paid? GoFundMe makes money from platform and transactions fees as well as donations provided by users. The creditor should make sure a specific identifiable event has occurred to warrant the issuance of a Form 1099-C. But if you forget to report the $500 of interest you earned on a bank account. Crowdfunding platforms such how GoFundMe have made it easiness the donate to to favorite cause or someone in must. They specialize in money being raised by people for personal causes and life events. 8 million in 2020. What happens if you don't reach your GoFundMe goal? Does GoFundMe send a 1099? Related entries: How to delete a GoFundMe account. Where to send extension of time to furnish state-ments to recipients. Through your fundraiser, you will help bring. Additionally, GoFundMe may need to issue you a 1099-K form at the end of the year to report your total gross donation income. If you pay independent contractors, you may have to file Form 1099-NEC, Nonemployee Compensation, to report payments for services performed for your trade or business. S. Our Trust & Safety team will continue to update this hub with more fundraisers as they are verified. The crowdfunding website or its payment processor must file Form 1099-K, Payment Card. And now the IRS wants more than $19,000 of the money. Most crowdfunding sites sent 1099-Ks if the campaign raised more than. Click Withdraw to Bank. If you have GoFundMe receipts, you should probably expect IRS scrutiny. The IRS goes on to suggest that if your fundraiser meets certain financial thresholds, that you can file Form 1099-K. Full Service for personal taxes Full Service for business taxes. The challenge? Many 1099-C forms contain errors, and experts say it’s one of the more confusing tax forms. The short answer: maybe. GoFundMe is a third-party platform that connects donors with people who need help with medical bills, memorial funds, and other situations. Sometimes the payment processor used by the crowdfunding website,. Does GoFundMe send a 1099? GoFundMe, being merely the administrative platform, will GoFundMe has a 0% platform fee for organizers. Payment settlement. You should still send Form. You. Payments to attorneys are always reported on a 1099-NEC regardless of business structure. You do not have to submit one for personal services. Businesses must also submit copies of their 1099 forms for each vendor to the IRS. the sum of all payments made to the person or. Then the IRS letter shows up indicating that taxes, interest, and penalties are owed – an event triggered by a 1099-K. 75 is deducted by our payment partner as a transaction fee, which includes debit and credit charges (i. How can I raise money? The crowdfunding website or its payment processor may be required to report distributions of money raised if the amount distributed meets certain reporting thresholds by filing Form 1099-K, Payment Card and Third Party Network Transactions, with the IRS. The good news: Providing the IRS with proper documentation to show that the money went to others in need is likely to exempt the organizer. Payers use Form 1099-NEC to report payments made in the course of a trade or business to others for services. residential or correspondence address associated with the participating payee. I'd have to know all the surrounding facts and would do a bit of research to make sure, but I'd think you would treat it like a gift. Does GoFundMe send a 1099? Why does GoFundMe charge a tip? Does GoFundMe take 10 %? Step-by-Step Guide to Set Up Your GoFundMe Page Start an account. But as much as GoFundMe helps people by raising funds, the for-profit company helps itself to a share of the money raised. You do not have the option to donate anonymously with GoFundMe. The GoFundMe organizer may have decided to deactivate their fundraiser and refund all donors. How To File Gofundme Amount On Your Federal Taxes. Amended tax return. GoFundMe, being merely the administrative platform, will not report donations as income or issue any tax documents to donors or donees. The campaign organizer will receive a Form 1099-K if they collect more than $600 during 2023. After the deduction of applicable GoFundMe fees, PayPal Giving Fund delivers the funds they receive on a monthly basis into the PayPal account designated by the organizing PTA. An extension of time to furnish the statements is now a fax only submission. Sometimes, you even receive. The Department of Administration, Office of Accounts and Reports is responsible for all 1099's issued under the state's general use FEIN 48. You won’t be issued a tax receipt from our company. 9% plus 0. Arguably, it does. The 1099 tax rate for 2022 is 15. When a GoFundMe page is set up, a WePay Account is created for when the time. organization. How much money can you gift a person per year?For the tax year 2023, the IRS will use a lower threshold of at least $600. Gifts to friends are not reported on an income tax return - and that is the recipient or the donor. Gofundme will send you a 1099 for the income raised (for $200k for example) and you’ll file that with your taxes. The campaign organizer will receive a Form 1099-K if they collect more than $600 during 2023. On fundraisers for individuals or businesses it charges a 2. the payment was made to another business that is incorporated, but was not for medical or legal services or. Generally, the funds raised through GoFundMe are processed by a third-party organization, such as Pay Pal. Definition and Examples of Form 1099. A 1099 is an “information filing form,” used to report non-salary income to the IRS for federal tax purposes. If you and your tax advisor decide your 1099-K income does not need to be reported on. , the charity fails to cash the check(s) we send). By default, each post or comment earns one point. GoFundMe is the world’s largest free fundraising and crowdfunding online platform that lets people raise money for events, be it gathering donations for a cancer-stricken family member or soliciting funds to pay for college tuition. 5 million annually per business. How much cut does GoFundMe take? Yes. GoFundMe is a form of donation-based crowdfunding which involves backers donating money to support a specific cause or project and is essentially a donation. August 8, 2023 Updated Donations made to personal GoFundMe fundraisers are generally considered to be "personal gifts" which, for the most part, are not taxed as income in the. Although, GoFundMe does charge a 5% general fee on every donation and WePay charges 2. If you’re a donor, it would be best to get in touch with the. it will flow to the other income section under 1099-K income. Example statement to attach: "All amounts in the 1099-K are excludable from income under IRC Section 102. Usually, the form is mailed by you, but some institutions may issue it online instead. Note that there are a few specific types of payment that you might need to report (like medical or substitute payments), so do. See moreIs GoFundMe taxable? It depends. buzzybody21 • 5 min. m. File taxes with no income.