Winning money is a lot of fun and we love awarding cash prizes to our members. We love when our members win large amounts of money and we’re always excited when we get to send you your winning payout.
Just like most things in life, though, there are rules. If you win over $600, you’ll need to fill out a W-9 because your winnings are considered income and therefore taxable. Generally, winnings are reported as regular income when you file your income taxes. So, when you win a prize over $600 keep it in your financial records as part of your annual income and have your accountant add it to your total gross income for the year. If you do your own taxes, add it in when you file your taxes. For example, if you make $40,000 per year and you win $1,000 on Giant-Sweeps, you would report your total income as $41,000 for the year.
When you win a sum of money over $600, before Giant-Sweeps can pay you your prize money, we will send you a W-9 form to fill out and return to us. Unfortunately, taxes are a part of life and we have to follow the rules too. If you win a giant cash prize award, you may want to set up estimated tax payments so you can pay monthly instead of all at once when April 15th rolls around. You can do this through your accountant, or income tax software program if you do your own taxes.
Giant-Sweeps will not withhold taxes from your cash prize award. It is entirely your responsibility to report and file your income taxes. We are required to keep your W-9 on file once you fill it out and return it to us to collect your prize money. We also issue a 1099-MISC form for the tax year of your winning prize money. This means the IRS gets a copy so be sure to include it when you file your income taxes.
One other thing, we respect your privacy and want you to have as much fun as you can playing Giant-Sweeps. Your W-9 information is stored securely and safely by Giant-Sweeps and we would never compromise your private information in any way.
So, now that we’ve gotten that business out of the way, go ahead and keep playing Giant-Sweeps every single day. We’d be honored and thrilled to send you a Giant-Sweeps winning prize email notification!