I won $600 from Netwinner this year ^ and as I earn each $25 give card I request them. Currently it's taking about 75 days to process a win so if I request the $25 I have due it will hit $600 and they say it will trigger the 1099. Clearly I won't get any payout into 2008 for several of the prizes. So you savvy winners can the 1099 kick in before you receive the prize?
Even though I don't play Netwinner, I think I understand the question ... but I could be wrong
I'll give it a stab anyway. Someone correct me if I've got this wrong.
1099s are based on the amount of cash (or the ARV of a prize) you have actually received in your hot little hands by Dec. 31. So if you win a prize today, but don't receive it until Jan 1, the value will count toward 2008 taxes, rather than 2007 taxes.
So if it takes 75 days to convert your Netwinner points to a gift card, you wouldn't actually receive that gift card until the end of January, right? In which case the value ought to go toward 2008 taxes. If, however, Netwinner gets efficient and you receive the card before Dec. 31, pushing your total to $600 actually received in this year, then yes, it will trigger a 1099.