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.).


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.



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

  1. Debra Patterson says:

    Yes, I Debra Patterson Claim $2,600,000.00, $5,000.00 Gwy 8800, 4900, Code JQ-50, JQ-300,. 29-11-11050-PCH1, 101-382,. Confirmed Gwy 10950,. Gwy10710. I would like to know if you can have the Taxes taken from the Prize money, I really want to Win , and I don’t pay taxes cause I receive SSD. And I don’t make enough money for taxes to be taken out. I would love to Win please Activate my Entries. With Love DP in Tx. PS I really want to Win $5,000.00 A Week Forever on February 23/2018. God bless and Happy new year. With Love DP in Tx. Thank you.

  2. Gregory Gutierrez Robles says:

    How does one verify if they have truly won?

  3. Glenn Protte says:

    SuperPrize, Glenn

  4. Glenn Protte says:

    Yes I Want To Win

  5. Gregory Gutierrez Robles says:

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

  6. Gregory Gutierrez Robles says:

    Please send website info

  7. Gregory Gutierrez Robles says:

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

  8. Russell Alltop says:

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

  9. LaDonald pierce says:

    i wish i win this sweepstakes, i pay my taxes

  10. Gregory Robles says:

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

  11. 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 .

  12. 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

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