I won the Coke Sweepstakes Zero Bracket game last year to attend the 2016 Final Four Games in Houston. Today I received a 1099 to pay taxes for 2015 for a prize I have not received yet. It's an $8500 trip so that's a lot of taxes. It is from HelloWorld Inc. I have emailed them. There is a phone number on the 1099 which I will call tomorrow. Has this happened to anyone else? Any suggestions for the best way to fix it? tia
Tax Help Please!
- Thread starter phifferj
- Start date
phifferj IIRC, trip wins are taxed on when you win, not when you go? This thread may help;
ARV and your taxes {TY to LIDARKSIDE}
http://www.sweepsadvantage.com/forum/questions-and-answers/17790-arv-your-taxes-{ty-lidarkside}.html
Ask the IRS for an extension if info won't arrive by 4/15/16?
OK, I'd be proactive w/the info I do have to try to get an amended 1099 from eprize/helloworld - worth a shot!
Most excellent phifferj!!!
If you wouldn't mind sharing the how? I was under the impression when you won determined the tax year? Either way, that info would help fellow sweepers who try for/win trip sweeps!
If OK, then you can post to this one & I'll C&P your post to ARV and your taxes {TY to LIDARKSIDE}
Thanks!
I have no idea how the taxes are supposed to work, but this is the email I sent and the response I received.
Subject: Request a Corrected Tax Form 1099-MISC Form (prize not received yet)
I received a a 1099-MISC Form for taxes for 2015, $8500. I have not received the prize yet, so the 1099-MISC Form should be for the tax year 2016 not 2015. I am requesting an updated 1099. The prize information is listed below. Thank you for your assistance. (attached a copy of the initial winning email)
Response:
Hello Julie, Thank you for reaching out to us. We have amended your 1099 to $0, and you will receive a new 1099 next year for your prize. We apologize for the inconvenience!
Subject: Request a Corrected Tax Form 1099-MISC Form (prize not received yet)
I received a a 1099-MISC Form for taxes for 2015, $8500. I have not received the prize yet, so the 1099-MISC Form should be for the tax year 2016 not 2015. I am requesting an updated 1099. The prize information is listed below. Thank you for your assistance. (attached a copy of the initial winning email)
Response:
Hello Julie, Thank you for reaching out to us. We have amended your 1099 to $0, and you will receive a new 1099 next year for your prize. We apologize for the inconvenience!
goldenpaso
New member
I believe it is supposed to be when you receive the prize, not when you win it. Think about your last paycheck of the year. You earned that money in 2015 but you don't get it until 2016 so it goes on 2016 taxes. I asked my accountant and she said the company could send you the 1099 the year they paid for the prize but that you could claim it the year you got it. Or the year you got the 1099 if it worked out better for you.
phifferj - you may wish to see if you can get the ARV reduced - amended again - tips are in that thread I linked!