IMPORTANT NOTICE
For players winning prize money of $600 or over, and for non- resident aliens winning prize money of any amount

FOR PRIZES OF $600 OR MORE, OR WHICH WILL BRING THE TOTAL PRIZES YOU RECEIVE FROM THE SAME PAYER TO $600 OR MORE FOR THE CALENDAR YEAR: Please bring your US Social Security or Tax ID card to all tournaments with prizes possibly this large. If you have no US social security number or tax ID number, the organizer must withhold and send to the IRS 30% of your prize. Prize checks will be written only to the winners, not to third parties.

FOR ALL PRIZES, IF YOU ARE A NON-RESIDENT ALIEN, the organizer must withhold and send to the IRS 30% of your prize. If your country has a tax treaty with the United States and you have or obtain a US Social Security or Tax ID number, you may be able to avoid this withholding by submitting an IRS Form 8233 to the payer.

IF 30% OF YOUR PRIZE IS WITHHELD AND SUBMITTED TO THE IRS, you will receive a 1042 form in the following calendar year, no later than March. You may use this form to submit a tax return to the IRS, claim expenses, and attempt to recover some or all of the withheld tax.

WE ARE NOW DEDUCTING ENTRY FEE from prize and reporting the net total, however no tournament counts as negative income, so if you win nothing, no fee is deducted, and if you win less than the entry fee, the prize is not reported.


 PRIZE WINNERS

If you received a total of $600 or more in one calendar year for prizes in tournaments held by Continental Chess, we are required to report your winnings, address, and social security number to the Internal Revenue Service. Please click the link below to report this information to Continental Chess on a secure server.

CLICK HERE TO REPORT THE INFORMATION ON A SECURE SERVER

After you click the above link, go to "Send Info to CCA" at the bottom of the page and click "buy one now." .

If you enter info for 2016, you will receive a 1099 form from us, including your total winnings for 2016, in late January or early February, 2017.  This form will indicate the amount you need to report when filing your tax return; however you do not need to send the form to the IRS with your return.

If you have any questions, write to continentalchess@gmail.com.

Thank you for your assistance!

 

 

 

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