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When do we have to report contest winnings to the IRS?

Answered by: 

Question: 
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?
Answer: 

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.
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Learn more about Andy Zavoina’s webinar Freebies, Bonuses and Contests

First published on 08/04/2019

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