08 - 008T Awards, Prizes, and Gift Table
Table of Awards, Gifts and Prizes
(refer to Procedure 08-008 for details)
For Recipients Who Are U.S. Citizens
This document is for General Guidance ONLY.
CONSULT PROCEDURE 08-008 FOR A DETAILED EXPLANATION OF THE RULES.
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1. EMPLOYEES
| Policy Reference | Ìý | Ìý | Ìý | Tangible Goods |
|---|---|---|---|---|
| Ìý | A. Ìý Ìý Ìý Ìý | Awards | Ìý | Ìý |
| C.1.a. | Ìý | Length of Service or Safety Award | Taxable; Reportable on W-2 | Not Taxable if limited to < $400 and 1-time every 5 years |
| C. 1. | Ìý | All Other Awards | Taxable; Reportable on W-2 | Not Taxable or Reportable if < $75; Taxable withholdings and Reportable if >$75 |
| C.2. | B. | Gift | Ìý | Ìý |
| C.2. | Ìý | Sympathy | Not Allowed | Not Taxable or Reportable if < $25 |
| C.2. | Ìý | Other than Sympathy (e.g., Birthday, Wedding, etc.) | Not Allowed | Not Allowed |
| Ìý | C. | Prize - Game of Chance | Ìý | Ìý |
| C.3. | Ìý | With Wager | Taxable; Reportable on W-2G if >$600 | Taxable; Reportable on W-2G if >=$600 |
| C.3. | Ìý | Without Wager | Taxable; Reportable on 1099-MISC if >=$600 | Taxable; Reportable on 1099-MISC if >=$600 |
| Ìý | Ìý | |||
2. STUDENTSÌý
| Policy Reference | Ìý | Ìý | Ìý | Tangible Goods |
|---|---|---|---|---|
| D.2.Ìý& D.3. | A. | Award | Taxable; Reportable on 1099-MISC if >=$600 | Taxable; Reportable on 1099-MISC if >=$600 |
| Ìý | B. | Gift | Ìý | Ìý |
| E.2. | Ìý | Sympathy | Not Allowed | Not Taxable or Reportable if < $25 |
| E.2. | Ìý | Other than Sympathy (e.g., Birthday, Wedding, etc.) | Not Allowed | Not Allowed |
| Ìý | C. | Prize - Game of Chance | Ìý | Ìý |
| E.3. | Ìý | With Wager | Taxable; Reportable on W-2G if >=$600 | Taxable; Reportable on W-2G if >=$600 |
| E.3. | Ìý | Without Wager | Taxable; Reportable on 1099-MISC if >=$600 | Taxable; Reportable on 1099-MISC if >=$600 |
3. NON-EMPLOYEES OTHER THAN VOLUNTEERS, DONORS AND PROSPECTIVE DONORS
| Policy Reference | Ìý | Ìý | Ìý | Tangible Goods |
|---|---|---|---|---|
| E.1. | A. | Award | Taxable; Reportable on 1099-MISC if >=$600 | Taxable; Reportable on 1099-MISC if >=$600 |
| Ìý | B. | Gift | Ìý | Ìý |
| E.2. | Ìý | Sympathy | Not Allowed | Not Taxable or Reportable if < $25 |
| E.2. | Ìý | Other than Sympathy (e.g., Birthday, Wedding, etc.) | Not Allowed | Not Allowed |
| Ìý | C. | Prize - Game of Chance | Ìý | Ìý |
| E.3. | Ìý | With Wager | Taxable; Reportable on W-2G if >$600 | Taxable; Reportable on W-2G if >$600 |
| E.3. | Ìý | Without Wager | Taxable; Reportable on 1099-MISC if >=$600 | Taxable; Reportable on 1099-MISC if >=$600 |
Ìý
The official version of this information will only be maintained in an on-line web format. Any and all printed copies of this material are dated as of the print date. Please make certain to review the material on-line prior to placing reliance on a dated printed version.Ìý