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Thread: Who has won anything from FT contests? A show of hands please.
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Old Sep 23, 2014, 6:18 am
  #686  
Flyingmama
 
Join Date: Mar 2004
Location: Florida
Posts: 2,872
Originally Posted by RyanEscoot6
For all those that have won major prizes ($2k+), are you taxed on the value of the winnings?
Yes. And in case you might be tempted to "forget" to report the win on your tax return, most sponsors will send a 1099 to the IRS for any win over $600.
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