NFFC Payout Plan

Greg Ambrosius · Post by **Greg Ambrosius** » Mon Dec 06, 2004 3:12 am

Congratulations to everyone who finished in the money this year. I know that the NFFC's regular season isn't officially over yet, but I wanted to let everyone know how we're going to approach the payout plan for 2004.

First of all, anyone who finished first, second or third in their league will need to fill out a W-9 form and mail it (or fax it) back to us. Tom and I will mail out W-9 forms this week to the top three finishers in each league with a return envelope and hopefully those will be returned ASAP. Before we can pay you, we need two things: 1) Your social security number and 2) A signature on the W-9 form.

Our accounting department is asking that third place league finishers should fill out a W-9 form even though the $500 winning is below the required minimum of $600 for tax purposes. We just want this on record for 2004. We will wait until after the Week 16 games are finished before sending out all of the prize winnings so that we can include the overall prizes with the league payouts.

We have every intention of sending out over $260,000 in prize winnings on Tuesday, Dec. 28th, so send back the W-9s before then if possible. We will also open the Registration page on Dec. 28th for the 2005 contest and will have much of the rules and prize payout plan in place by then. We will not charge anyone's credit card until July 15, 2005, so you can sign up for the NFFC 7+ months in advance and not have to worry about payment until summer.

Thanks to everyone who helped make the debut NFFC a success this year. You trusted in us when we had to restructure the overall prize format and you helped us get this contest off the ground. We have bigger and better plans for 2005 and with your help we believe we can continue to expand this contest in size and payouts each year. Thanks again and best of luck to everyone in the playoffs and in the Consolation Bowl.

[ December 06, 2004, 09:39 AM: Message edited by: Greg Ambrosius ]

TamuScarecrow · Post by **TamuScarecrow** » Mon Dec 06, 2004 3:33 am

Greg, is there a legal issue in the way as to why you can't do the W-9 by email? Would be much quicker and more efficient. Figure if you can send in a tax return by email you should be able to get your W-9 forms the same way. Just send out an email with a blank W-9 attachment to fill out and email back to you.

Greg Ambrosius · Post by **Greg Ambrosius** » Mon Dec 06, 2004 3:40 am

Well, we need a signature from everyone. That's the main reason.

kal8898 · Post by **kal8898** » Mon Dec 06, 2004 3:49 am

Isn't just the winnings taxed? Since the entry was $1,250 and the winnings for a 2nd place finisher were $1,500, isn't just the $250 taxed?

TamuScarecrow · Post by **TamuScarecrow** » Mon Dec 06, 2004 3:54 am

I don't know about that, but I'm writing my $1250 off as a donation as many people have indicated to me on these MB's throughout the last 3 months. I'm just waiting to see who the winner is to see whose name is going on my tax return.

Greg Ambrosius · Post by **Greg Ambrosius** » Mon Dec 06, 2004 3:56 am

The $1,500 is taxed, but your entry fee, magazines and I believe even travel can be factored into your expenses involved with those winnings. I'm sure someone else here on the boards can help you out better than I can, or check with an accountant on this.

BillyWaz · Post by **BillyWaz** » Mon Dec 06, 2004 4:05 am

Is it possible to wait and get our money in January (2005) so that we don't have to declare it until 2006 tax time?

TamuScarecrow · Post by **TamuScarecrow** » Mon Dec 06, 2004 4:07 am

Well, we need a signature from everyone. That's the main reason.You may want to check with your legal dept. as we do this all the time. If you print your email asking for the winners to initial a box saying all info is correct and then print the response back with the initials in the box, that should satisfy the IRS. Could save you time and money.