Tag: taxes on prizes under $600

Sweepstakes Winners: W-9’s and 1099’s

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 IRS form W-9 from every winner that they issue a prize to. This means that any

April 30, 2025

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

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 require the additional headache of having to collect additional personally identifying information (PII) in order

July 6, 2020

Sweepstakes Winners: W-9’s and 1099’s

SVP, Fae Savignano contributed this informative post on what sponsors need to know about filing and processing winner W-9’s and

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

In the United States, winners are required to pay taxes on prizes they win, but if prizes are valued at