Jump to content
Sign in to follow this  
Ron Ribbons

How to divide winning amongst a group

Recommended Posts

If an entry has 3 or 4 co-managers and you win, what’s the best way to distribute winnings so that one person doesn’t get a 1099 for the whole amount?

Share this post


Link to post
Share on other sites

From the rules:

Prize splitting amongst principal participant and their co-managers is available. The principal participant will always remain the sole legal prize winner and MUST authorize payment to his co-manager in writing. The principal participant will fill out and sign the authorization form indicating the name & address of his co-manager and the amount he should receive. Both the principal participant and the co-manager will each fill out a W-9. Once these documents are received and approved by FFPC, LLC. the prize monies will be released to both parties. At year's end, both the principal participant and the co-manager will each receive IRS Form-1099 for their prize awards. Limitations to prize splitting: prize splitting is limited to TWO persons only: the principal participant and the co-manager. Under no circumstance will FFPC, LLC. issue payment to anyone other than these two persons. Only total prize awards of $2,000 or greater will be eligible for prize splitting. This may can be a combination of any CASH prizes won in any FFPC tournament, league or contest. FFPC Dollars or any non-cash prizes are not applicable for prize splitting. Each share of prize split awards must be a minimum of $600. FFPC, LLC. may, at its own discretion, refuse to accept any prize splitting request and process the entire award to the principal participant. Please email info@myffpc.com with any further questions regarding the prize splitting process.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

×
×
  • Create New...