winnings question
Posted: Sat Sep 24, 2011 5:55 am
Are we able to keep the money in our account and use it for teams next year? If so, do we still need to complete the tax form?
Are we able to keep the money in our account and use it for teams next year? If so, do we still need to complete the tax form? We would rather pay in full this year on all winnings and start anew for 2012. If for whatever reason you'd still like to keep your winnings rolled over for 2012 entries, contact me at [email protected]. But you'd still need to fill out a W-9 in advance and we'd still report the full winnings to the IRS. There is no tax advantage to roll over your winnings; just a reporting number to your spouse!
Again, our preference would be to pay in full, get all winnings in your hands in October and let you folks decide what to do with your money. Hopefully you'll save some of that for 2012 NFBC entries along with other things you may need around the house. Congrats all and good luck the rest of this week.