IMPORTANT
NOTICE
For players winning
prize money of $600 or over, and for non-resident aliens winning prize money of
any amount
FOR US RESIDENT
PRIZES OF $600 OR MORE, OR WHICH WILL BRING THE TOTAL PRIZES YOU RECEIVE
FROM THE SAME PAYER TO $600 OR MORE FOR THE CALENDAR YEAR: To receive a check,
please bring your US Social Security card to all tournaments with prizes
possibly this large. If you have no US social security number, the organizer
must withhold and send to the IRS 30% of your prize. Prize checks will be
written only to the winners, not to third parties.
IF
YOU ARE A US RESIDENT WHO WAS PAID THROUGH PAYPAL IN 2022, we
do not need your social security number and will not report your winnings. However for prizes totalling $600
or more paid in 2023, we need your social security number as we may be required
to report your prize.
FOR ALL PRIZES,
IF YOU ARE A NON-RESIDENT ALIEN, the organizer must withhold and send to the IRS 30%
of your prize.
IF 30% OF YOUR
PRIZE IS WITHHELD AND SUBMITTED TO THE IRS, you will receive a 1042
form in the following calendar year, usually in March. You may use this form to
submit a tax return to the IRS, claim expenses, and attempt to recover some or all of the withheld tax.
WE DEDUCT ENTRY FEE from nonresident alien
prizes and base the 30% withholding on the net total, however no tournament
counts as negative income, so if you win nothing, no fee is deducted from your
yearly total, and if you win less than the entry fee, the prize is not
reported.
PRIZE WINNERS
If you received a total of
$600 or more in one calendar year (except PayPal) for prizes in tournaments
held by Continental Chess, we are required to report your winnings, address,
and social security or tax ID number to the Internal Revenue Service. Please
click the link below to report this information to Continental Chess on a
secure server.
CLICK HERE TO REPORT THE
INFORMATION ON A SECURE SERVER
After you click the above link, go to the bottom of the list of
tournaments to "send info to CCA" and click "buy one now"
on that line. Then fill out the info as if you are entering a tournament.
For "section" select "send info to CCA."
If you enter info for 2023, you will receive a 1099 form from
us, including your total winnings for 2023, in late January or early February, 2024. This form will indicate the amount you
need to report when filing your tax return; however
you do not need to send the form to the IRS with your return.
If you have any questions, write to director@chess.us.
Thank you for your assistance!