Knowing How To Pay Your Sweepstakes Taxes


Congratulations, you’ve won the sweepstakes. Please be sure to pay your taxes on your winning’s as shown on line 12 of the form enclosed. Have you ever received a notification like this? I hope not, it could be fraudulent. Many scams are out there and take advantage of people that don’t know when or how to pay taxes upon a sweepstakes winning. Here is what you need to know. Paying Taxes; How to? If you’re the lucky winner of a sweepstakes, you may be notified but never receive your winnings. A letter is sent out demanding tax payments prior to your being sent your winnings. Never pay this tax. You pay the IRS not the sweepstakes itself. Read more on how to pay your sweepstakes taxes.

1099 Form

In order to pay the IRS you’ll need a 1099 form attached to your annual taxes. You’ll put in the value of your winnings (if it is a dollar amount it’s fairly easy but if it’s a gift you’ll need to find out the fair market value-FMV of the item). You will then send this form in with your taxes. All of the instructions are in the tax booklet.

Be Aware

It’s important to be aware that your winnings, depending upon what they are, may place you in a higher tax bracket. Make sure to get a Fair Market Value or FMV on your gift item and keep a copy of how you got said value (online, in person, through a pawn shop etc.).

Remember

Keep a copy of all of your winnings each year. Itemize your tax return if you have more than one winning item. Consider having a professional prepare your taxes if they seem overwhelming. Have a professional double check your return to ensure that everything is completed accurately on your forms. Always pay any taxes that are due.

Paying your sweepstakes taxes isn’t difficult if you follow these tips.




30 Responses to “Knowing How To Pay Your Sweepstakes Taxes”

  1. Glenn Protte says:

    SuperPrize, Glenn

  2. Glenn Protte says:

    Yes I Want To Win

  3. Gregory Gutierrez Robles says:

    How do i receive my winnings? Do i wait for delivery or is there something i have to do first?

  4. Gregory Gutierrez Robles says:

    Please send website info

  5. Gregory Gutierrez Robles says:

    Yes i would like to claim my prize on pch.com of prize associated with gwy 4950 of $2 million

  6. Russell Alltop says:

    Claiming prize of 10 thousand a month an 2 million cash up front…Russell Alltop PCH winner

  7. LaDonald pierce says:

    i wish i win this sweepstakes, i pay my taxes

  8. Gregory Robles says:

    Pch bonus entry gateway 4950 …. Gregory Robles on PCH Win It All Dream Life Prize of $2 Million …

  9. Neal Ray Shelton says:

    I’ve got a bookkeeper I’ve used over 50 years I’ll bring it to her .Neal Shelton They know everything about Kathleen and me . Thanks for everything .

  10. Neal Ray Shelton says:

    I neal would like to claim pch the house and the 5000 a week forever prize from 4900 off of 6900 off of 6900 off of 8800 and all the prizes associated with 8800 number and 4900 and everything that comes from 4900 and 6900 and 8800 . Neal Shelton . All the emails i sent .thanks

  11. onita cole says:

    no more worry ends coming together .. and dreams and goals… a blessing forvsure..

  12. Guillermo Gonzalez says:

    Claiming win it all

  13. Cynthia Pailing says:

    I would love to win grandest prize and contact I R S but still use H & R Block like every year and pay end of year taxes!Wouldn’t mind ,we always pay taxes,hopefully they go where need be!I would like to include a prize number in my letter issued to me but uncertain if got sent in to P.C.H. and enter it now if IMay. #472058081718. If wrong place tell me where to enter it back please!

  14. Lorena Gonzalez says:

    I WouldBe Happy First Of All Thank God Then Get My Winnings Lump Sum Pay Taxses.

  15. William Roberts Jr. says:

    Pch, the day that I win I will pay my taxes immediately to IRS.and Raleigh North Carolina. Immediately.

  16. teaondra johnson says:

    Praying that God finds favor only if it’s his will . It could help a lot of people to win

  17. Kurt habrock says:

    Win it all plus 10,000,00 a week for life

  18. Kurt habrock says:

    Yes I would pay the taxes on my winnings if I was to win.

  19. Robbie J Clark says:

    Yes I would to collect on my sweepstakes in one lump sum fro my Gwy No. 4900 for $5000.00 a week for Forever

  20. Stephanie morley says:

    Pch bonus entry gateway 4950

  21. benny whitis says:

    win win win

  22. Robert Keuser says:

    even after paying all the taxes I will still move to Hawaii

  23. medrdo florez says:

    Yes i do ones i now the total mout dallors i have. Won i need to file 1099 tax form to the irs .

  24. William Roberts Jr. says:

    If I’m allowed to win this great opportunity of becoming a Pch Super Prize Millionaire, one of the first things I’m going to do is contact the IRS.

  25. wYVONNE MCLELLAND says:

    hello, would love to win this but I am not a photo person but if I have time I will write a note about life in wortham–it’s different.

  26. dixie c wilson says:

    This has been very helpful, as I have been wondering about the taxes. My husband and I figure you might end up with $1 million by the time you paid taxes on the “WIN IT ALL” Sweepstakes. But who complaining, surely not us if we would be so lucky to win.

  27. Tina Thomas says:

    I would put it in IRA’s and everything you can imagine out there so Uncle Sam would not take his 3/4 ths just about you are left the same way broke .

  28. Michael Burkett says:

    I just like to know when I can start collecting my money

  29. Michael Burkett says:

    My text person would take care of all Texas
    If we knew the total amount

  30. Michael Burkett says:

    Yes I like to collect on my sweet steaks winnings
    So I like to hear back from you

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