NFBC Message Boards

I just wanted to let everyone know that Krause Publications will be working with Wells Fargo to set up a separate account for all of the NFBC prize money. In fact, it's already set up and this is separate from any other business KP does. While Krause Publications and its parent company, F&W Publications, generates over $250 million a year in revenue, we wanted all NFBC members to feel secure that the prize money for this event is being held separate from any other business transaction. KP and Wells Fargo will provide all tax documentation for winners immediately at the end of the NFBC season and will even help with preparations. If you have any questions about taxes when we get to that point, feel free to ask us and we'll get the answers from our CFO and the right people at Wells Fargo. Thanks and keep the phones ringing as we enjoy building this new account!!!

Will those that have winnings be able to defer part or all of their winnings into the next tax year?

Everything will be paid in October in full, so I doubt that will be possible. Try not to make too much in 2004 if you plan on cashing that $100,000 grand prize!!