View Full Version : 1099 question

February 4th, 2008, 7:05pm
I won a prize in 2007. It is a trip that I am not taking until March 2008. I got my 1099 in the mail and I was wondering if I have to pay taxes on it now, or if I can somehow wait until I file my 2008 taxes since I haven't really received anything yet?

FYI-trip does not include transportation, so it is hotel and attraction tickets only. I don't have possession of any thing.

Blue Angel
February 4th, 2008, 7:53pm
As far as I have always heard, you are supposed to pay taxes when you actually receive the prize.

February 4th, 2008, 8:01pm
If you received a 1099 it means the information has been sent to the IRS, so you have to pay the tax in this tax year.

I had my big win in December and was hoping they would wait until 2008, but no, I got my 1099 about a week ago and have to scramble to come up with the tax money. I won't be spending a lot of the gift until next year.

February 4th, 2008, 8:13pm
I have the exact same problem and it is a high ARV so I would like to have the real ARV for tax purposes.

February 4th, 2008, 8:34pm
The sponsor may have already paid for the tickets and they may need to expense it on THEIR 2007 return. Check with your tax accountant about if you have to claim it or can you amend your 2007 return next year if the 1099 amount is not accurate.

February 4th, 2008, 8:51pm
I won a trip in 07 also and am not taking it until the end of February. I received a 1099 and I called the promotions company and they sent it in error. I have not received the prize yet and will not pay taxes on it until I file my 2008 taxes. They had to send me a corrected 1099 which states $0.00. I have won three trips that were taken in the following year from which they were won and I have always paid the taxes in the year I took the trip. You may want to call and ask their policy.

February 4th, 2008, 8:51pm
got my 1099 from NBC for a hotel deal that we won in dec took in Jan and called them they said they do the 1099 when you accept. They didn't really seem to care that it was for twice the amount the hotel would have cost if we paid for it but she said she would look into it:rolleyes2

good luck with yours

3 years of sweeping and this is my first 1099 so yippee for that :toast1:

February 7th, 2008, 6:21pm
I hope this helps.

Dear Name Removed,

Thank you for contacting us regarding the Name Removed
Sweepstakes. Your question is very important to us.

We apologize for any confusion this 1099 may have caused you. You are
correct; you are required to include your prize in your taxes for the
year in which you take your trip. You will be sent another 1099 around
this time next year. Be assured that we have not and will not report
this prize to the IRS, and you do not have any tax responsibilities in
regards to this prize for this tax season.

Should you need any additional clarification, or have any other
questions regarding this promotion, please do not hesitate to contact us

ePrize Customer Service

On Wed Feb 06 10:26:12 2008, wrote:

> Dear Sir or Ma'am,
> I received a 1099 MISC from Eprize that is in error. I did not
> receive the award in 2007. The travel award is scheduled for late
> March, 2008 and I would expect to pay taxes in 2008.
> Please contact me to resolve this issue.
> Thank you

February 7th, 2008, 6:34pm
I won a cruise from Deillman Cruises in 2006 and didn't take it until 2007. I received my 1099 this year. I believe you have to claim the prize in the year you received it.

February 7th, 2008, 6:37pm
I won a trip in Feb 2007.
I took the trip in Jan. 2008
I recieved the 1099 in Feb. 2008

February 7th, 2008, 6:41pm
I won a $2,500 trip back in March 2007...and I still haven't recieved a 1099 tax form for it yet...should I be worried? The prize was given out by a local tv station.