The receipt of prizes and awards is generally taxable.

Name: The receipt of prizes and awards is generally taxable.
Brand: Quizplus
Rating: 4.8 (52 reviews)

Question

Quizplus · Accepted Answer

According to the Internal Revenue Service (IRS), most prizes and awards that are given to employees or independent contractors are taxable and should be reported as income on their tax returns. Only certain types of prizes or awards, such as those given for achievement in scientific, literary, or artistic fields, may be excluded from income under certain conditions.

The Receipt of Prizes and Awards Is Generally Taxable