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So you raised money for others during the pandemic Here s how to handle the tax bill you re about to get

elisfkc2 / Flickr / CC BY-SA 2.0 Louis Goffinet never imagined that raising tens of thousands of dollars to help his community through the Covid-19 pandemic could cost him financially. The 27-year-old middle school teacher from Mansfield Center, Connecticut, started making grocery runs last April for elderly neighbors who didn’t feel safe doing so themselves. Soon, he got a similar request from a family who had recently experienced job layoffs. Goffinet saw an opportunity to ease the family’s financial burden, and appealed to his community through a Facebook fundraiser to cover the cost of the grocery bill. The goal was to raise $200.

Mansfield centerUnited statesLouis goffinetCheryl metrejeanRevenue serviceUniversity of mississippiInternal revenue serviceமேன்ஸ்ஃபீல்ட் மையம்ஒன்றுபட்டது மாநிலங்களில்லூயிஸ் கோப்பினேட்வருவாய் சேவைபல்கலைக்கழகம் ஆஃப் மிசிசிப்பிஉள் வருவாய் சேவை

Facebook fundraiser: Teacher finds out he may have to pay taxes

So you want to hold a fundraiser on Facebook? Don t forget to read the fine print. Louis Goffinet, a Connecticut middle school teacher who began a fundraiser on Facebook last year to help buy groceries for families in need as the COVID-19 pandemic started to spread, learned that the hard way. What began by asking a few Facebook friends for $200 in donations quickly went viral. Goffinet eventually raised more than $41,000 to purchase and deliver groceries for more than 100 families in his hometown of Mansfield Center, Connecticut, as well as help pay rent and buy gas. He was hailed as a hero for putting together not one, but two fundraisers where he spent days, nights and weekends helping others. Then, Goffinet got a huge surprise in January: The Internal Revenue Service sent him a letter with a 1099-K form saying what he d raised is taxable as income.

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Teacher may avoid tax hit for pandemic grocery fundraising

Teacher may avoid tax hit for pandemic grocery fundraising April 24, 2021 FacebookTwitterEmail MANSFIELD, Conn. (AP) A Connecticut teacher who raised more than $40,000 to help people buy groceries during the pandemic may not be hit with a big tax bill after all. Louis Goffinet received a form telling him he owed $16,000 in taxes on the money. But Goffinet told the Hartford Courant that after consulting with experts, he believes the money will be classified as a gift exemption and not taxed. “Everything I would have received would qualify as a gift and not taxed,” he told the newspaper. I’m backing all that up in addition with all my credit card statements, bank statements, the tracking I did of who’s getting what, all the receipts. It seems like I’m in good shape.”

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So you raised money for others during the pandemic Here s how to handle the tax bill you re about to get

So you raised money for others during the pandemic Here s how to handle the tax bill you re about to get
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Mansfield centerUnited statesLouis goffinetCheryl metrejeanRevenue serviceUniversity of mississippiInternal revenue serviceமேன்ஸ்ஃபீல்ட் மையம்ஒன்றுபட்டது மாநிலங்களில்லூயிஸ் கோப்பினேட்வருவாய் சேவைபல்கலைக்கழகம் ஆஃப் மிசிசிப்பிஉள் வருவாய் சேவை

So you raised money for others during the pandemic Here s how to handle the tax bill you re about to get

So you raised money for others during the pandemic Here s how to handle the tax bill you re about to get
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