Awards,
Prizes and Winnings Policy - Summary
|
|
Cash
& Gift Certificates denominated
in currency |
Non-Monetary < $50 |
Non-Monetary > $50 |
|
Award/Prize to Employee (US citizen, Resident Alien or
Nonresident Alien) |
Reportable to IRS via Form W-2,
subject to income tax withholding |
Not
taxable or reportable, if the award is issued to employees on only an
occasional basis (Òde minimisÓ fringe benefit exclusion) |
Reportable to IRS via Form W-2
and subject to income tax withholding, unless achievement award criteria met
for length-of-service or safety exclusion |
|
Award/Prize to Nonemployee (US citizen or Resident Alien) |
Reportable to IRS via Form
1042-S, and subject to income tax withholding |
Reportable
to IRS via Form 1042-S, and subject to income tax withholding |
Reportable
to IRS via Form 1042-S, and subject to income tax withholding |
|
Award/Prize to Nonemployee (Nonresident Alien) |
Reportable to IRS via Form
1042-S, and subject to income tax withholding |
Reportable
to IRS via Form 1042-S, and subject to income tax withholding |
Reportable
to IRS via Form 1042-S, and subject to income tax withholding |
|
Gambling Winnings (US Citizen or Resident Alien) |
Reportable to IRS via Form W-2G,
if winnings at least $600, and at least 300 times wager; subject to tax
withholding if at least $5000 |
Taxable
to recipient, but not reportable by the University |
Reportable
to IRS via Form W-2G, if winnings at least $600, and at least 300 times
wager; subject to tax withholding if at least $5000 |
|
Gambling Winnings (Nonresident Alien) |
Reportable to IRS via Form
1042-S; subject to tax withholding |
Reportable
to IRS via Form 1042-S; subject to tax withholding |
Reportable
to IRS via Form 1042-S; subject to tax withholding |