Do You Need Your Social Security Number for Sweeps?

Should you share your Social Security number?

You’ve likely heard that you should keep your Social Security number secure, but there is an important reason why sponsors require this detail: taxes.

Sweepstakes sponsors are legally required to report their sweepstakes winners to the IRS if the value of the prize that was awarded is $600 or more. In order to ensure that the prize is given to the right person, the sponsor has to add your Social Security number on the forms they send the IRS.

To make sure that taxes are assigned fairly, sponsors ask potential winners to share their Social Security number. Typically, if you received a win notification from a sponsor, your only option is to either decline the prize or share the affidavit with your Social Security number.

So, does this mean you won’t have to share your Social Security number if your prize is worth under $600? The short answer is no! While sponsors are legally required to report prizes that are worth $600 or more, they can also choose to report prizes that are under this value. And for tax purposes and consistency, they usually do. Keep in mind that sweepstakes winners have had to share their Social Security number for winning prizes like promotional t-shirts and $20 gift cards.

So, don’t be surprised if your sponsor asks you to share your Social Security number. All you can do is make sure that you are entering a legit promotion and share the required details after you are announced as a potential winner and not before.

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The content of this article is for informational purposes only and should not be relied upon since it is subject to change.