1099

[helen1949]

Can anyone tell me what the top amont of money (prize) before they send a 1099 for taxes. Thanks.

 

[tharedhead]

Usually its $600 and over, however, some sponsors randomly send out 1099's for much smaller amounts, I got one last year for a stainless steel travel mug ($22 ARV)

 

[minera]

Yep typically over $600 dollars but the rule usually is if they asked for your SSN on an affy of any sort, or a W-9 to be filled out you are going to be reported to the IRS for that as income.

 

[helen1949]

Thank you for the information!

 

[johnsnook]

SO, if you have a lot small wins, do you have to report to the IRS

 

[anikka]

SO, if you have a lot small wins, do you have to report to the IRS

Legally you are required to pay taxes on all wins just like income. Honesty is the best policy!

 

[lidarkside]

If you check the IRS' site, they simply state to report prizes under "Other Income". They make no clarification of or exception of the term "prizes". A prize is a prize--add them up and put the total under "Other Income".