We have a prize that was jointly given to two . . .
We have a prize that was jointly given to two people. Do we report the prize value to each individual or only to one winner?
When there is more than one winner sharing...
We have a prize winner who resides outside of the . . .
We have a prize winner who resides outside of the U.S. Are we required to report the prize amount and on what form do we do so?
If the prize originated or was won in the U.S., then you need to...
Should we report a prize/award given to our employee on . . .
Should we report a prize/award given to our employee on a Form 1099 or Form W-2?
Since the prize is...
Are we responsible for obtaining a completed Form W-9 from . . .
Are we responsible for obtaining a completed Form W-9 from people who have won a prize or award?
You need to...
Is there a threshold amount when reporting prizes or awards . . .
Is there a threshold amount when reporting prizes or awards to nonemployees?
Yes. The threshold is...
$600 for the year for the amount, or fair market value, of prizes and awards. If the nonemployee has also performed services for you, combine the nonemployee compensation with the prize amount to test for the $600 threshold. See the IRS Instructions for Form 1099-MISC.
Do we need to track any prizes or jackpots given . . .
Do we need to track any prizes or jackpots given through the year to a particular person, to determine if we have a reportable amount for that person?
You need to...
track the amounts provided to individual taxpayers throughout the year, especially if you know each person is eligible to win more than once throughout the year. For those whose prize amounts equal or exceed $600, you must report the payment total on Form 1099-MISC.
We are supplying a prize/award to a nonemployee service provider. . . .
We are supplying a prize/award to a nonemployee service provider. Do we need to report this and how?
If an award and prize is provided to...
Where can I look for information on the IRS rules . . .
Where can I look for information on the IRS rules and regulations concerning prizes and awards?
The IRS...
We provided a nonemployee with a gift. Do we need . . .
We provided a nonemployee with a gift. Do we need to include it on his Form 1099?
Any gift to a nonemployee who has...
Our prize winner is donating her prize to a charitable . . .
Our prize winner is donating her prize to a charitable organization. Do we report this to the IRS?
You...