Don't worry about it.  You're not going to be responsible for reporting it.  Call the sponsor up and let them know they sent you a 1099 erroneously.

We just got one today on our NYC Tropicana Twister sweeps which didn't even amount to $1,000.  The 1099 they sent us was for the full ARV of $5,000 which is the first time a sponsor ever did that on a trip we won.  So, we'll be calling them on Monday to redo the 1099.  If they don't, we're just required to provide backup documentation to prove the true value of the trip.

We won't be paying taxes on $5,000.

No, that box is not for your use.  As long as the sponsor never paid out anything on your behalf, and you turned it down before that; you don't include it with your tax return at all.

I Receive My 1099 Form For The Cash Win That I Won On Last Year From Millionaire TV They Reported The Whole $1000 That We Got Bless To Win We Do Not Mind Paying The Taxes Because Our Income Is Low We Are Praying For A Refund Good Luck Everyone

The sponsor just readjusted ours way down.

They said that the department that makes out the 1099's doesn't even have any knowledge of the actual costs of the trip for each person.  So, they just put in the ARV amount.  That's not really good company communications and followup there!  All our trips, the sponsor readjusted down.

We have another 1099 that we're just going to readjust ourselves, because it's no big deal.  We won 5 Southwest vouchers from Coca Cola.  Vouchers have no value unless they are exchanged for actual tickets.  Once they are exchanged for tickets, then the sponsor has to pay on the actual price.  We only used 4 of the 5 vouchers.  Each ticket was $215.00 in which I printed up the actual flight/seats costs when I booked them.  So, we'll be readjusting down to $860.00 instead of $2,000.00 ourselves.