Affidavit

T

tinameckle

Member
just curious to know,i thought you only had to sign an affidavit if the prize is over a certain dollar amount, and the same woth the w-9
 
tinameckle said:
just curious to know,i thought you only had to sign an affidavit if the prize is over a certain dollar amount, and the same woth the w-9
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A 1099 is an IRS requirement for wins of $600 or more. That typically requires an affidavit which frequently, but not always, needs to be Notarized. All winnings are taxable, even those less than $600. The IRS doesn't require a 1099 for a win of less than $600. Many people believe (incorrectly) that such wins aren't taxable. That's not true, but most of us don't report them since there's no 1099.

Some firms want an affidavit for wins less than $600. This is probably to support a tax deduction on their income taxes, or as an abundance of caution on their part.
 
i was curious because i got a winning email from folgers, and as far as i remember it was for a thermos,so i was surprised when i had to fill out an affidavit..just seemed strange for a thermos
 
tinameckle said:
i was curious because i got a winning email from folgers, and as far as i remember it was for a thermos,so i was surprised when i had to fill out an affidavit..just seemed strange for a thermos
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If a prize is below $600 I *always* ask if the affy is really needed - some say yes, some say no. Always best to go to the horse's mouth!
 
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