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Reporting winners to the IRS

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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, Sweepstakes, Contests and Lotteries, Cans and Can Nots webinar.

First published on 07/09/2023

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