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Post by missysauter on Oct 27, 2014 16:24:35 GMT
My DS won a prize valued at $1,200(ish). Nothing was given to us at the event to file with the IRS. Since he is a minor and won the prize, will we have to pay taxes on it? Any help is deeply appreciated!
ETA: No, they didn't ask for his information or ours. DS is a cancer survivor and one of the kids' cancer organizations puts on a big fishing tournament each year. Different vendors donate the prizes. DS won an ATV. We are selling it.
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basketdiva
Pearl Clutcher
Posts: 3,699 
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Post by basketdiva on Oct 27, 2014 16:36:17 GMT
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Deleted
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Aug 18, 2025 20:04:39 GMT
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Post by Deleted on Oct 27, 2014 16:36:32 GMT
Can a minor legally be awarded a prize? I'm sure this varies by state.
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Post by myshelly on Oct 27, 2014 16:36:50 GMT
Did they ask for his name or SSN when he got the prize?
Did you out that info on registration forms for the contest?
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Post by *KAS* on Oct 27, 2014 16:38:46 GMT
I'm surprised they didn't have to get an affidavit of acceptance prior to awarding him the prize. Normally the winner (or a parent in this case) would need to sign off on paying taxes prior to accepting the prize. Or at least that's how all of our sweepstakes work. Maybe it's different in the manner that he won the prize?
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Post by anxiousmom on Oct 27, 2014 16:42:12 GMT
Most organizations are set up in such a way that if you request the tax information, they will provide it. It will include the value of the object, and the paperwork that you will need in order to file taxes (if you need to.) Easiest thing to do is once you get that information, call the IRS. I have called them before and they were incredibly helpful and friendly. By calling, you will get the information straight from the horses mouth (so to speak.)  |
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Deleted
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Aug 18, 2025 20:04:39 GMT
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Post by Deleted on Oct 27, 2014 17:40:29 GMT
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Post by Bitchy Rich on Oct 27, 2014 17:55:09 GMT
My DS won a prize valued at $1,200(ish). Nothing was given to us at the event to file with the IRS. Since he is a minor and won the prize, will we have to pay taxes on it? Any help is deeply appreciated! ETA: No, they didn't ask for his information or ours. DS is a cancer survivor and one of the kids' cancer organizations puts on a big fishing tournament each year. Different vendors donate the prizes. DS won an ATV. We are selling it. If you didn't provide a SSN, they have no way to issue you a 1099. However, you are legally required to report the income. The standard deduction for dependents in 2014 is limited to the greater of $1,000 or the sum of $350 plus earned income. So if he received a prize worth $1,200, he would owe a very small amount of tax. |
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