ATTENTION: We at HEALfundr and NeedyMeds are NOT tax experts. We advise you to consult a qualified tax professional or attorney to determine if your donation and/or fundraiser may have any tax implications.
Charitable contributions made to qualified organizations may help lower your tax bill. Only donations to qualified tax-exempt organizations can be declared as deductions. You must keep receipts or other records showing the time, date, amount, and nature of the expenses. Contributions earmarked for relief of a particular individual or family are not deductible. (IRS Publication 526)
You itemize donations and claim your tax deduction on Form 1040, Schedule A
Is my donation tax deductible?
In most circumstances, donations will not be tax deductible. In a typical HEALfundr campaign you are donating to an individual campaign to help pay someone's medical bills; in this case your donation is not tax deductible. If you were donating money to be split between campaigns supporting patients with a specific diagnosis or living in a designated area then your donation would be tax deductible. Campaigns benefitting qualifying charities raising money to support their healthcare community would also be tax deductible.
What if I donate in support of a diagnosis/area that only has one campaign?
Under most circumstances, designating a donation in support of campaigns fighting a specific diagnosis or supporting those living in a specified area with only one qualifying campaign will not be tax deductible.
Will I receive a receipt for my donation?
All donations are received and receipted by NeedyMeds, a registered 501(c)(3) national nonprofit (#46-3091990).
What are the tax implications of fundraising/donating on HEALfundr?
While we make no guarantees, funds received through charitable crowdfunding are typically considered “personal gifts” and do not qualify as taxable income. Donors exceeding the annual gift tax amount (approximately $13,000) may be subject to tax liability. Since each situation is different, we advise all parties to seek advice from a qualified tax professional or attorney.
Will medical expenses paid by HEALfundr/NeedyMeds be tax deductible (as described in IRS Publication 502)?
No, medical expenses paid by HEALfundr/NeedyMeds are not tax deductible.
How will the money raised affect Medicaid, Medicare, Social Security, etc.?
Beneficiaries of Medicaid, Medicare, SSI or other income-based support should check with a benefits specialist before accepting direct funds from HEALfundr.