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djhciskoski
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Prize payments for the year that exceed $600

submitted on February 23, 2014 by djhciskoski in "Buxr Website / Contests"
If I won my money in 2013 but did not request it until 2014, which year does it count for tax purposes?
 

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  • 191344
    bemicmom
    professor
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    Posted by bemicmom on February 23, 2014
    [reply] 2 0
    Whenever you request it will be for that year.
    Suppose if you earned $500 in 2013 and only requested $400, so that $100 of 2013 requested in 2014 will be counted in $600 of 2014.
  • 191345
    CouponNut
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    Posted by CouponNut on February 23, 2014
    [reply] 2 0
    See this topic regarding the MISC-1099 from BUXR: http://www.buxr.com/topic/form.....6050w_5838
  • 191372
    djhciskoski
    professor
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    Posted by djhciskoski on February 23, 2014 [reply] 0 0
    Ok, so this is probably really stupid of me, but is there some sort of "paperwork" to include in my tax return? do I print my history of payments on "My Prize Payments" page at this link: http://www.buxr.com/prize/payments and show my Paypal account.
    Good thing I have until NEXT YEAR to figure it out, if I should get there anyway...
      191374
    • mdshopper1
      master
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      Posted by mdshopper1 on February 23, 2014
      [reply] 1 0
      Prizes and awards

      Subject to certain exceptions, the cash value of prizes or awards won in a drawing, quiz show program, beauty contest, or other event, must be included on the tax return as taxable income.

      Taxpayers must also report the fair market value of merchandise or products won as a prize or award, as taxable income.

      For example, both a $500 cash prize and the fair market value of a new range won in a baking contest must be reported as other income on Form 1040, Line 21.

      http://www.irs.gov/uac/Reporti.....ous-Income
    • 191389
    • CouponNut
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      Posted by CouponNut on February 23, 2014
      [reply] 1 0
      I am a tax accountant and I always log all the time spent in earning extra money and when you multiply that by minimum wage, you more than likely are in the red. Look for schedule C and you will understand how it works. Time is money that earns you money.

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