Are raffle prizes considered income?
Yes and are the responsibility of the Selected Winners. Selected winners must sign a notarized statment ablsoving GCDC, its Directors, staff, managent, consultants and agents from any responsibility for the payment of any taxes due the IRS. In addition, GCDC will act in accordance with federal law. All prize winners 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® of San Diego 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.
