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Shared Prize Forms Are Available (NEW DATE)
Posted: Wed Nov 19, 2014 8:11 am
by Tom Kessenich
We once again have forms that will allow you to distribute your prize winnings however you choose. In order to do that, you must contact me for the form (
[email protected]), have it notarized and emailed back to me. The deadline for the form to be sent back to me for regular season prize winnings will be Monday Dec. 8.
If you'd like this form contact me and I'll get you all set up. Good luck to everyone in the hunt for prize money in all of our leagues.
Re: Shared Prize Forms Are Available
Posted: Thu Nov 20, 2014 6:31 pm
by eliasond
Is it also possible to defer the check until after the 1st in order to delay taxes to next year?
Re: Shared Prize Forms Are Available
Posted: Thu Nov 20, 2014 6:35 pm
by eliasond
Never mind I see you posted that info under a different topic. Thx.
Re: Shared Prize Forms Are Available (NEW DATE)
Posted: Tue Dec 02, 2014 8:27 am
by Tom Kessenich
Please note there is a new date to return this form to me. It is now Monday Dec. 8.
Re: Shared Prize Forms Are Available (NEW DATE)
Posted: Tue Dec 02, 2014 10:28 am
by kingofbeers
The minimum winnings for reporting to IRS is $600 (I think). If your team won $700 and you split this with your co-manager ($350 apiece), will the NFFC still be required to report the winnings?
THanks Bud
Re: Shared Prize Forms Are Available (NEW DATE)
Posted: Tue Dec 02, 2014 10:32 am
by Tom Kessenich
kingofbeers wrote:The minimum winnings for reporting to IRS is $600 (I think). If your team won $700 and you split this with your co-manager ($350 apiece), will the NFFC still be required to report the winnings?
THanks Bud
You'll be taxed on the amount you receive from us. So if your winnings after using the forms are less than $600 you shouldn't be taxed.