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The Grand & RJ Stuart

Discussion in 'Shooting Related Threads' started by seymore/82, Feb 10, 2013.

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  1. seymore/82

    seymore/82 Active Member

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    Does RJ Stuart send a 1099 to everyone who won money at the Grand even if you cashed out day to day. I didn't cash out, let it accumilate till the end and it totaled 1562.00. If I would of cashed out on each event would I have received one? Never won more than 450 on any one day. My total for the week ended up to be 1562.
     
  2. MTA Tom

    MTA Tom Active Member

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    1099's are sent based on total winnings for the shoot.
     
  3. Allen-MX8

    Allen-MX8 Member

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    I wouldn't think that RJ Stuart would send them, but rather the ATA.

    Allen
     
  4. skeet_man

    skeet_man Well-Known Member

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    Your winnings can be written off against on your expenses, to a net total of 0.

    I'm assuming your total expenditures for the ENTIRE year of 2012 are greater than $1562. Including travel, entry fees, reloading components, ect.

    1099s from shooting should only ever be a concern for someone who actually made a net PROFIT from the shooting season after including ALL expenses. There are only a handful of people for which this COULD be the case.
     
  5. 1oldtimer

    1oldtimer TS Member

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    I'll never have to worry.
    Clyde
     
  6. seymore/82

    seymore/82 Active Member

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    Heres my thinking on this, If you go to a casino and you win over 600-650 they take taxes,right or wrong. Not in one day did I win more than 450 but in the end because I let it accumilate it was taxable at 1560. I guess I could say, My Bad.. I didn't mean it came from RJ Stuart but they keep the records. Just was looking for someone who had won more than 600 which I believe is the magic number but did it in a accumalitive amount as I did.
     
  7. MTA Tom

    MTA Tom Active Member

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    $600 total winnings for the shoot triggers a 1099 for the total amount won, regardless of when or how often you cash out.

    You owe taxes on any and all winnings even if less than $600, and even if a 1099 isn't issued.
     
  8. seymore/82

    seymore/82 Active Member

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    MTA Tom, Next time I win $15 on a $10 lewis I will put aside a little for my taxes. LOL
     
  9. Lead Miner

    Lead Miner Supporting Vendor Supporting Vendor

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    Seymore. Check with your tax man. Your entry fees and your travel fees may ne deductable. Up to your amount of winnings anyway. Terry
     
  10. 870

    870 Well-Known Member

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    If you are interested in what the law really says:

    1099s must be filed for winnings of $600 cumulative for the year. It is not based on any single shoot, it's based on payments to an individual during the year.

    Also, as has been repeatedly stated here, pretty much all of the hobby loss info above is wrong. You cannot net hobby expenses against revenue, not directly. You cannot directly offset gambling losses against gambling winnings either. If a hobby, the law does not allow you to offset expenses against winnings and report only the net. Just Google "hobby losses" and "2percent of agi"

    That said, many people have netted and gotten away with it.
     
  11. pepper

    pepper TS Member

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    Well, i personally won over $600.00 at an ATA shoot, and did get a 1099 with my winnings, and had to pay it on top of our yearly earnings because we don't use the long form....and as far as the casinos go, i hit a $900.00 several times and did not get a 1099 form from the casino, but my wife hit a jackpot for 1250.00 and the attendant came right over and asked her if she wanted to them to take the winnings off now---1099 or she could refuse and she would get a notice from them with her winnings to pay----State and Federal taxes, which she told them to take it off right away....she paid a little of $ 350.00 in taxes, some for the great state of Pa, and the rest to Federal.....Pepper......
     
  12. 870

    870 Well-Known Member

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    Pepper:

    Yes, it can work that way. The reason is gambling winnings have their own reporting rules - Form W-2G instead of a 1099-Misc in certain cases. Different gambling games even have different thresholds for getting reported to IRS, not always $600.

    Prizes and Awards - what goes on the 1099-Misc is $600 for a year.

    Haven't seen it discussed much, but at trapshoots there would seem to be an argument that some winnings are gambling winnings and not prizes, and that would change the $600 limit. I haven't seen anyone use that method though.
     
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