Department of Social Services
Family Support Division
PO Box 2320
Jefferson City, Missouri
TO: ALL FAMILY SUPPORT OFFICES
FROM: KIM EVANS, DIRECTOR
SUBJECT: UPDATING CROWDFUNDING THRESHOLD FOR MODIFIED ADJUSTED GROSS INCOME (MAGI) METHODOLOGY
MANUAL REVISION #
1805.030.20.10
DISCUSSION:
The American Rescue Plan Act of 2021 provides clarification on when crowdfunding or third party transactions are reportable and taxable. MAGI manual section 1805.030.20.10 Income Excluded Under MAGI has been revised to incorporate the following updates:
- Lower threshold for reporting
- Taxability of the income source
NECESSARY ACTION:
- Review this memorandum with appropriate staff.
KE/ams