Hello World sent me incorrect 1099 - advice?

[mcubed]

Hi guys -

I am hoping some one can give me some advice here. I rec'd a 1099 from Hello World in the mail yesterday. Back in September I won the Grand Prize from Cinemark for a trip to LA (flights, hotel and car), 2 tix to a movie premiere and $1500. I live in LA so I turned down everything but the 2 movie tix (regular passes) and the $1500 - making the grand total about $1530. The 1099 was for the FULL amount of $4500. How do I go about fixing this so I don't have to pay taxes on this incorrect amount?

Thanks so much!

 

[amyshulk]

mcubed

http://www.sweepsadvantage.com/forum/questions-answers/17790-arv-your-taxes-{ty-lidarkside}.html

Information courtesy of this link ~ How to Dispute an ARV on Your Sweepstakes Taxes

When you win a sweepstakes prize, you are only required by the IRS to report the fair market value (FMV), not the sponsor's approximate retail value (ARV); but how do you go about finding out what the FMV is and how do you handle the difference on your taxes? Find out here.

How to Dispute an ARV on Your Sweepstakes Taxes

 

[mcubed]

Thanks, Amy. I sent Hello World and email and, thankfully, I kept correspondence that shows I rejected the hotel/transport and airfare. Hopefully, they will be cooperative but if not, I will use the advice above. Thanks again!

 

[amyshulk]

I hope it all works out mcubed!

I don't enter for trips & just assumed those who did either knew this stuff or were warned by those who knew in their winners threads!