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.
Pch bonus entry gateway 4950 …. Gregory Robles on PCH Win It All Dream Life Prize of $2 Million …
Yes i would like to claim my prize on pch.com of prize associated with gwy 4950 of $2 million
How do i receive my winnings? Do i wait for delivery or is there something i have to do first?
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 .
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
no more worry ends coming together .. and dreams and goals… a blessing forvsure..
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!
I WouldBe Happy First Of All Thank God Then Get My Winnings Lump Sum Pay Taxses.
Pch, the day that I win I will pay my taxes immediately to IRS.and Raleigh North Carolina. Immediately.
Praying that God finds favor only if it’s his will . It could help a lot of people to win
Win it all plus 10,000,00 a week for life
Claiming win it all
Yes I would pay the taxes on my winnings if I was to win.
Yes I would to collect on my sweepstakes in one lump sum fro my Gwy No. 4900 for $5000.00 a week for Forever