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Sweepstakes - Bonus?

Answered by: 
Randy Carey

Question: 
We did a sweepstakes where we raffled an item worth $800. Since it was a sweepstakes, one did not have to be a client in order to participate. The ad stated that no purchase was necessary to enter or win, but also it stated that by opening an account or a loan with us and you are eligible to win. The winner was a client and we filed a 1099 MISC. Did we do right?
Answer: 

The ad stated that no purchase necessary to enter or win , but also it stated that by opening an account or a loan you would be eligible to win. If they could not enter the drawing without opening an account, you have a lottery issue.

First published on BankersOnline.com 3/16/09

First published on 03/16/2009

Filed under: 
Operations
Filed under operations as: 
IT
Sweepstakes

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