1099 from Lipton Chef Fest

[phifferj]

I won a trip the Lipton Chef Fest in Austin and received my 1099 today. Good news is that the actual cost of the trip is on the 1099, so no figuring costs of flights, hotel, event, and ground transportation needed.

 

[amyshulk]

TY for the heads up phifferj

I won a trip the Lipton Chef Fest in Austin and received my 1099 today. Good news is that the actual cost of the trip is on the 1099, so no figuring costs of flights, hotel, event, and ground transportation needed.

For those of you who want to make sure to have your ducks in a row if the ARV is more than what it *really* cost...

Thread: ARV and your taxes {TY to LIDARKSIDE}
http://www.sweepsadvantage.com/forum/questions-and-answers/17790-arv-your-taxes-{ty-lidarkside}.html

 

[nilsdude1]

They showed our 1099 as $2900+. Our total including swag came to under $1700. Do you know how to get that fixed for taxes? Thanks

 

[phifferj]

Wow! Mine was $1948.74 nilsdude1 I would try contacting Samantha Hawley (917.693.8285) or Danielle Prosen (646.884.6285) at Track Marketing Group. They were the ones that set up the trip. If they can't help they may be able to get you the info from Pepsico Inc. I got my 1099 from True Believers Trip today. It is also the Fair Market Value not the approximate retail value. Hope this is a new trend. Makes taxes much easier.

 

[amyshulk]

General TIP: ARV's of Trip prizes with airfare are predicated on the furthest/costliest travel & you are only required by the IRS to report the fair market value (FMV), not the sponsor's (ARV) - you may NOT have to pay taxes on the ARV they list IF you do a little homework

TY for the heads up phifferj



For those of you who want to make sure to have your ducks in a row if the ARV is more than what it *really* cost...

Thread: ARV and your taxes {TY to LIDARKSIDE}
http://www.sweepsadvantage.com/forum/questions-and-answers/17790-arv-your-taxes-{ty-lidarkside}.html

 

[sherilee]

At least you GOT your 1099--that's a plus!!