I Won!!!! UPDATED!! Please Read 1st Post!!!!

[mickeyfan1]

Don't forget you will owe income tax on the value of the package. THe contest overseer will send you a 1099 early next year and you will have to report it as income. Which is why I decided winning a laptop and printer was better than winning a $5000.00 trip to WDW! But congrats anyhow, that's great.

 

[shelbyjosh]

Does it have to be a certain dollar amount? I have won a digital camera from a local radio station and never got 1099ed. I just talked to a friend who works for a CPA and she is going to find out if I am liable for that. No big deal. We always get a chunky refund so I am not really worried about a couple hundred $$.

 

[mickeyfan1]

The rule of 1099s is you will get one if the total value is more than $600.00. Or $1200.00, or some amount. I know when DH and I ran our business we did not issue 1099s to our subs if we paid less than 600. Last year I got a 1099 for my laptop/printer win, valued at $1500.00. DH got a 1099 from Shaw Carpets for the points he cashed in, points were awarded to him for every preset amount of square yards of carpet sold at the store he worked in , they valued the points at $1200.00. It is just added to your income, so it may be a whopping additional $50.00 to pay depending on your tax bracket. The camera you won probably was under the taxable amount for value. Lotteries and casinos also issue 1099s for winnings. I would love to have one for the Power Ball!

Don't you love it when you win? I have won NOTHING since I moved from Arizona, I used to win lots of little stuff there, movie tickets and the like.