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congrats on the paid! I have never heard of a gym doing this. The gym can not issue a tax form to the athlete as an indpendent contractor, and the athlete is not an employee to the gym. However I suppose technically a gym could call it "winnings" but it would work in your favor since the expenses attributed to getting the paid bid and utilizing the paid bid (the "winnings") are far higher than the paid bid itself - so similar to lottery ticket winnings, if you claim the winnings you would be able to offset the expenses attributed to the winnings. I kind of wish our gym did this nowThanks! In this case, our gym got our money for the paid bid after everyone had already registered themselves for Worlds. So the gym received the money and is now cutting a check for each athlete to reimburse for registration and to use towards travel. There is a question of whether we need to fill out a W9 to get the money. Does anyone have experience with this?
congrats on the paid! I have never heard of a gym doing this. The gym can not issue a tax form to the athlete as an indpendent contractor, and the athlete is not an employee to the gym. However I suppose technically a gym could call it "winnings" but it would work in your favor since the expenses attributed to getting the paid bid and utilizing the paid bid (the "winnings") are far higher than the paid bid itself - so similar to lottery ticket winnings, if you claim the winnings you would be able to offset the expenses attributed to the winnings. I kind of wish our gym did this now
Yea that's what it's been for a while, since it was just a flat 25K.That's a good question! This year a full-paid bid is up to $650 per athlete.
It just seems like the money would take a double tax hit distributing it this way, first the gym, then it's members. Any tax accountants or CPA's out there?
There are some international teams that get paid bids, not too many though. There's at least one from Canada and one from Australia this year. Several more partial paids, but those don't get as much money.Between International tax and youth athlete compensation/monetary prize laws, I'm betting this is why International teams don't receive paid bids.
I tried to Google specifics on this and basically what I read states prize winners are supposed to receive a 1099 on prize winnings over $600. Unless your social security number was taken for prize distribution, you won't get a 1099, but technically you are supposed to record it as "income". Then, it's prize money on a non-professional athlete, so you would not be able to deduct expenses, those would be considered personal expenses.
It just seems like the money would take a double tax hit distributing it this way, first the gym, then it's members. Any tax accountants or CPA's out there?
It's been $650 per athlete since as long as I can remember. At this point it's a partial paid lol.Has the value of a paid bid gone up at all in recent years? The commuter fee is $370 this year, was $340 last year, and I believe $330 the year before that.
There are some international teams that get paid bids, not too many though. There's at least one from Canada and one from Australia this year. Several more partial paids, but those don't get as much money.