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Do You Deduct Taxes From My Fund? Do I Have to Pay Taxes on My Contributions?

 

Since you aren't an independent contractor for or employed by mygirlfund we do not file any forms with the IRS regarding contributions to your fund nor do we withhold any funds to pay taxes on your behalf.

However, this does not mean that you do not have to report the contributions as income on your personal taxes. Anytime someone receives money or gifts it may create a personal tax liability. Everyone's tax situation is different and we recommend consulting with a professional regarding your specific case and what you may or may not be required to report.

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