if I recieve a gift card from work do I have to claim it on my taxes?

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  • if I recieve a gift card from work do I have to claim it on my taxes?


Answer #1 | 19/12 2013 08:06
The value of the gift card should be reported with the rest of your wages on your W2. So, is it taxable? Yes, absolutely.
Positive: 81 %
Answer #2 | 19/12 2013 08:27
if it exceeds the allowance of $25 for business gifts yes, it should be claimed and more likely is reported on your W-2
Positive: 75 %
Answer #3 | 19/12 2013 08:35
any valuable thing is taxable whether it is gifted or brought on cash....!
Positive: 55 %
Answer #4 | 19/12 2013 08:42
If your employer puts it on your W-2 wages, which is very probable, it gets claimed as wages and your work will normally withhold additional taxes. That is the standard now, and you don't claim it as a gift card. Instead, it is claimed with your wages, just in another form of compensation. If your employer does not put it as part of your wages on a W-2 or in "other compensation" as separated from Social Security and Medicare wages, you still have it claimed on that W-2 and file it as income. If there was no record reported by your employer to the tax authorities of Federal, State, etc, you are still legally responsible to report it, but it is not typically tracked by the government. If you did not claim it, they would not know about it officially except by audit and investigation. Small amounts are not worth their time. These things are more of an honor system, like when you buy a newspaper from a vending machine not to take the whole stack. To not claim it is theft, but that is a personal choice of following the laws of the land. So, yes, it either gets reported by your employer and is in the numbers as reported to the tax authorities, or legally you claim it as income as other income, or decide if you "forgot" to claim what your employer did not record. That is NOT legal advice, as I am not in a position to offer legal advice.
Positive: 23 %
Answer #5 | 19/12 2013 10:20
Yes, your employer should include the value of it in your pay
Positive: 10 %
Answer #6 | 19/12 2013 12:25
Yes, and you really have no choice in the matter. The value of the card will be included in the wages reported on your W-2 if your employer is playing by the rules. This is an item of interest on payroll audits, so most employers are aware of the requirement to include the value of all cash or cash equivalent gifts as taxable wages. Only non-cash gifts of nominal value -- think of a Christmas or Thanksgiving turkey -- are not included as wages or reported by the employee.
Positive: 10 %
Answer #7 | 19/12 2013 21:02
If they are giving everyone $20 or less for Christmas, then usually not. If it's a substantial amount (such as $30), then yes.
Positive: 10 %

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