Generally, funds raised by a Thrivent Financial for Lutherans chapter for an individual recipient would not be considered taxable income to the recipient for federal income tax purposes.
Section 102 of the Internal Revenue Code provides that the value of property acquired by gift is excluded from gross income. There are many rulings on what is and is not a “gift” for income tax purposes. However, a “gift” is generally described as "proceeds from a detached and disinterested generosity" . . . "out of affection, respect, admiration, charity or like impulses."
As always, Thrivent Financial for Lutherans does not provide tax advice to recipients of funds from chapter activities. When questioned about taxability of proceeds, please refer them to their tax preparer for definitive advice.
Additional Topics Tax-deductible contributions - guidelines, disclosures, acknowledgement receipts
This is proprietary information that is solely for use by employees, volunteers, and agents of Thrivent Financial for Lutherans in connection with fraternal activities of Thrivent Financial for Lutherans.
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This document was last updated on Monday, August 7, 2006 at 8:06 AM