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BellaOnline's Contests & Sweepstakes Editor

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Taxes

Tips for taxes in regards to winnings. Stars indicate links to IRS forms.

1099-MISC Tips for Sweepstakers star
Tax time makes a lot of sweepstakers nervous. Here are some tips to help you report the correct totals to the IRS from form 1099-MISC.

Approximate Retail and Fair Market Values star
Taxes stop some would-be sweepstakers from enjoying this hobby. But they don't have to chase you away from entering sweepstakes. It's important to make sure you know these two important values when tax time comes.

IRS form 1099-MISC instructions star[offsite link]
Instructions for IRS form 1099-MISC, miscellaneous income.

IRS Instructions for forms W2-G and 5754 star[offsite link]
Instructions for IRS forms related to contest, sweepstakes and gambling winnings.

Taxes and Big Prize Wins star
Worried about the taxes on a big win? There are options besides turning a big ticket prize down. Here are some things to consider first to help you keep the grand prize.

Links marked with the [offsite link] designation point to websites not associated with BellaOnline.com. BellaOnline.com is not responsible for the material found there.

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