1099-MISC Tips for Sweepstakers
Tax time makes a lot of sweepstakers nervous. Here are some tips to help you report the correct totals to the IRS from form 1099-MISC.
Approximate Retail and Fair Market Values
Taxes stop some would-be sweepstakers from enjoying this hobby. But they don't have to chase you away from entering sweepstakes. It's important to make sure you know these two important values when tax time comes.
IRS form 1099-MISC instructions [offsite link]
Instructions for IRS form 1099-MISC, miscellaneous income.
IRS Instructions for forms W2-G and 5754 [offsite link]
Instructions for IRS forms related to contest, sweepstakes and gambling winnings.
Taxes and Big Prize Wins
Worried about the taxes on a big win? There are options besides turning a big ticket prize down. Here are some things to consider first to help you keep the grand prize.
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