My wife and I won a Dell Laptop from ePrize last summer. We were told that although the prize was free we would have to pay a tax on it.
Well...it has come time to pay our taxes and we have not received our required 1099 tax form from ePrize. I have called and left four messages with them and they have not gotten back to us.
My question is: when is a 1099 tax form required to be mailed and received? And: should I contact the IRS? Are they in violation of any laws since I have not recieved the 1099 tax form yet?
2007-02-03 14:08:54 · 3 answers · asked by Justin P 1 in Business & Finance ➔ Taxes ➔ United States
You must report the fair market value of the prize on line 21, Form 1040; the 1099 is not necessary to file only helpful.
2007-02-03 14:26:36 · answer #1 · answered by illinipower 2 · 0⤊ 0⤋
It should be in the mail by 1/31 unless they were granted an extension. You should wait at least a week for delivery. Still a few more days to go.
If the fair market value was less than $600 then a 1099 isn't required. Use your best estimate of the FMV and claim that.
2007-02-03 22:49:55 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I would not worry about it for now. If it turns out you do owe the tax the IRS will notify you at a later date and give you a certain amount of days to pay it. It should be very much money. To turn someone in for a violation is very time consuming and not easy!
2007-02-03 22:17:16 · answer #3 · answered by Handsome's Wife 4 · 0⤊ 1⤋