Prize form 2025

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  1. Click ‘Get Form’ to open the prize form in the editor.
  2. Begin by entering the recipient's name in the designated field at the top of the form.
  3. Next, provide a detailed description of the prize or award being given, ensuring it is clear and specific.
  4. Indicate the value of the prize in the corresponding field, using a dollar amount.
  5. Fill in the organization name that is awarding the prize.
  6. Specify the event for which this award is being given, along with its date.
  7. The recipient must complete their address and telephone number for contact purposes.
  8. Both the recipient and an authorizing advisor should sign where indicated to confirm receipt of the award.
  9. Finally, ensure that all information is accurate before submitting. Remember, this completed form must be turned in within 5 business days.

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Hierarchical prizes, where the best award is first prize, grand prize, or gold medal. Subordinate awards are second prize, third prize, etc., or first runner-up and second runner-up, etc., or silver medal and bronze medal. (In some contests, grand prize is more desirable than first prize.)
Prize money of $50.00 or more is self-reported on 1040 line 21. A W-9 form must be filled out by the winner and on file with the company awarding the prize. This form provides all of the informaiton for sending a 1099-Misc to awardees with prizes exceeding $600.00.
Specific Instructions for Form W-2G The requirements for reporting and withholding depend on the type of gambling, the amount of the gambling winnings, and generally the ratio of the winnings to the wager. File Form W-2G with the IRS. You must provide a statement to the winner (Copies B and C of Form W-2G).
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