taxes on prizes under $600

In the United States, winners are required to pay taxes on prizes they win, but if prizes are valued at over $600 then the promotion sponsor is also required to collect W-9’s and issue 1099’s to each winner. That’s why many sponsors like to find prizes under $600 that are coveted by winners, but don’t […]

Sweepstakes Winners: W-9’s and 1099’s

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| Administration & Compliance, Articles, Prizes

SVP, Fae Savignano contributed this informative post on what sponsors need to know about filing and processing winner W-9’s and 1099’s for their promotions. Sponsors of Promotion Games of Chance offering and awarding prizes valued at $600 or more should be aware that they are responsible to obtain a signed, legible copy of an […]

Tag: taxes on prizes under $600

10 Amazing Prizes Under $600 Your Customers Will Want to Win

Sweepstakes Winners: W-9’s and 1099’s