Are raffle prizes considered income?
Yes. In addition, CAM will withhold required federal taxes for all prizes of $5,000 or more in accordance with federal law and CAM will remit the balance of the cash prizes to the winner. All prize winners of $1,000 or more will be required to submit an IRS Form 5750 and a W-2G in order to be awarded the prize.
Yes. In addition, Ronald McDonald House Charities Northern California will withhold required federal taxes for all prizes of $5,000 or more in accordance with federal law and the organization will remit the balance of the cash prizes to the winner. All prize winners of $1,000 or more will be required to submit an IRS Form 5750 and a W-2G in order to be awarded the prize.
Yes. In addition, CTC will withhold required federal taxes for all prizes of $5,000 or more in accordance with federal law and CTC will remit the balance of the cash prizes to the winner. The Grand Prize Winner of the $800,000 must fill-out an IRS Form 5750 and a W-2G in order to be awarded the prize.
Yes. In addition, Yerba Buena Center for the Arts will withhold required federal taxes for all prizes of $5,000 or more in accordance with federal law and the organization will remit the balance of the cash prizes to the winner. All prize winners of $1,000 or more will be required to submit an IRS Form 5750 and a W-2G in order to be awarded the prize.
Yes. In addition, MMS will withhold required federal taxes for all prizes of $5,000 or more in accordance with federal law and MMS will remit the balance of the cash prizes to the winner. Winners of prizes $1,000 or more may be required to submit a W-9 or similar tax form (provided by MMS) for tax purposes.
