Skip to content

Reporting winners to the IRS

Answered by: 

We ran a contest and no prize was over $300. We didn’t need to collect non-public private information from the winners since the prizes were small, did we?

The IRS threshold for a 1099-MISC is $600 or more. If a winner could win twice or could win other contests at the bank the floor amount could have been met and the information would then be required.


Learn more about Andy Zavoina’s Know Your Sweepstakes, Contests and Lotteries webinar.

First published on 09/12/2021

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics