2006 Dodge City Days Medallion Hunt

[TexKan]

Don't worry Bubba - just cause ya got a "point of view" don't make ya racists. Don't make ya a bad boy either!!

There's hope for us anyway - after bein called a "white bitch" yesterday, a client drove 40 min back to the clinic just to bring me a thornless rose. So today I was a "white angel"......... so see....... gutter rat one day - super nurse the next......... just all depends on how ya look at it. Sure made my Friday!!

[Bubba]

Originally Posted by DCFan

Yes, you are.

Yes I am??? I don't get it!

[Outofdodge]

Originally Posted by Bubba

I don't know them or what kind of checks that the globe has to do for tax purposes for the prize money and whatnot.

For $500.00, not much of anything. I'm not even sure they have to send a 1099 since it was under $600.

[Bubba]

I know I get statements from my savings accounts for interest earned and it's under $600. I thought that there might be witholding or at least reporting to the IRS.

[Outofdodge]

Originally Posted by Bubba

I know I get statements from my savings accounts for interest earned and it's under $600. I thought that there might be witholding or at least reporting to the IRS.

I don't remember the full requirements as I tell my system to generate a 1099 on all non-employee compensation but as a one time "prize" under the witholding limit, the worse they would have to do is get a name, social, address and then file a 1099 at year end. It's the winner's responsibility to report it as income and technically make estimated tax payments but who's going to do that for $500?

Your savings tax statement and everyone elses is a compromise between the banks and the gov from when the gov wanted banks to take withholding from interest payments.

[dodgehighforeve]

Originally Posted by Bubba

I know I get statements from my savings accounts for interest earned and it's under $600. I thought that there might be witholding or at least reporting to the IRS.

Banks send out 1099's if there's at least 10.00 worth of interest on an account. But, in the same sense as gambling winnings, they only have to report above a certian amount. It'd probably be closer to a lottery tax. The ticket has to be worth so much before they require tax from it.

[lurker]

The Kansas Lottery reports winnings at $600+ with a W-2D. Typically, all earnings starting at that level are considered "Taxable Events" and are reported.

Additionally, child support and late income taxes will come from Lottery winnings.