Help, 1st time sweeps winner

[jocephus]

I was hoping some of you who are veterens at winning could help me here. I recently won my very first sweeps and had a couple questions. First, is it common to give your social security number to claim the prize, and second I was told that since I do not normally claim taxes (no taxable income) that I would not owe taxes on the prize, is this true? Any advice would be greatly appreciated.

 

[ll1]

it is common to give your ss# on bigger wins through an affadavit as far as taxes go it is what ever the fair market value is on the prize, which means it is just like getting money and taxes would be owed on whatever tax value that puts you in

 

[jocephus]

Thank you.

One more question, is RealTime Media Inc. a legitimate sweepstakes provider? I never win anything, so naturally I am skeptical.

 

[3mnkids1]

yes real time media is legit. congrats on your win. let us know what it was. good luck

 

[johnnyz]

Here's to many more. Congrats. :cheers:

 

[lidarkside]

A sponsor can request a social security number on any size prize; even small ones. The IRS only requires one be given for a 1099 for prizes $600 and over, but it is at the sponsor's descretion to request one for smaller prizes to report to the IRS. For any prize, even the smaller ones, that are not reported to the IRS by the sponsor, you are on the honor system of reporting those prizes on your own.

As for your taxable income, you are going to have to check with the IRS or an accountant. There is a point when your income becomes taxable (if you win enough), and you need to check what it is. It varies for different circumstances.