- Membership
- Certification
- Events
- Community
- About
- Help
1099-NEC Reporting for Competition Entry Fees
February 5, 2025
Q. Are entry fees paid to attend a competition a 1099 reportable item?
A.
(Answered by IOFM's third-party tax advisor)
Yes, entrance fees are payments for a service, reported on Form 1099-NEC unless the payee is an exempt recipient. (Governments, tax-exempt organizations, and incorporated entities would be exempt recipients for this type of payment).
113303
Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know.
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.
What are you waiting for?
