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jamie2005
January 14th, 2008, 9:20pm
if a win only askes for your id passport or birth certificate for age verification and the arv is 650 does that mean that it will not need to have income taxes owed later?
there is an affadavitt but only asks for name and address? if they were going to send a 1099 wouldn't they need more info?
thanks for you input...

lillaniegirl
January 14th, 2008, 9:34pm
:highfive:they need your social. But they could still send you one and ask for it later. If you get a 1099 claim it! If the company sends you a 1099, they send the IRS one too!

jennem
January 15th, 2008, 9:53am
:highfive:they need your social. But they could still send you one and ask for it later. If you get a 1099 claim it! If the company sends you a 1099, they send the IRS one too!

Sometimes they send one to the IRS without sending one to you, too! I've had that happen.

InkyPrincess
January 15th, 2008, 10:02am
if a win only askes for your id passport or birth certificate for age verification and the arv is 650 does that mean that it will not need to have income taxes owed later?
there is an affadavitt but only asks for name and address? if they were going to send a 1099 wouldn't they need more info?
thanks for you input...

You are supposed to pay taxes on ALL wins, not just those over a certain amount. They are required by law to send a 1099 to you for any prize over $600. For prizes under $600, they may still report to the IRS, but not to you.

NetworkSweeper
January 15th, 2008, 10:16am
All wins are counted as regular income and are reportable to the IRS. Check with a tax professional and refer to the IRS publications for the facts.

You might want to look at these web sites.

http://articles.moneycentral.msn.com/Taxes/CutYourTaxes/AndTheWinnerIsYouAndTheIRS.aspx

http://www.irs.gov/newsroom/article/0,,id=175963,00.html

jennem
January 15th, 2008, 2:04pm
You are supposed to pay taxes on ALL wins, not just those over a certain amount. They are required by law to send a 1099 to you for any prize over $600. For prizes under $600, they may still report to the IRS, but not to you.

I do think there is a bottom limit, under which you're not required to report...something like $5 or maybe $10. But yes, most prizes are supposed to be reported whether or not it's at that $600/1099 barrier.