Awards, Prizes and Winnings Policy - Summary of Reporting Requirements

 

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 (“de minimis” 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 1099-Misc, as Box 3: Other Income, if total equals or exceeds $600 in the calendar year

Taxable to recipient, but not reportable by the University

Reportable to IRS via Form 1099-Misc, as Box 3: Other Income, if total equals or exceeds $600 in the calendar year

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