Search SweepstakesQ/A ArchivesFebruary 2008
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1099 for prize not yet received I won a sweepstakes in 2007 where I can use up to $4,500 for summer camp expenses in 2008. I’ve not yet received anything, yet I’ve gotten a 1099. I would definitely check with my accountant or tax advisor if I were you, but my general understanding is that under the doctrine of constructive receipt, you would pay tax on the $4500 in the year the funds were made available to you. So, if you could have used the money in 200 7but chose to wait until 2008, then a 1099 for 2007 would be correct. If the funds were not made available in 2007,I would think that you should not have gotten a 2007 1099....but again, please check with your advisor. |
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