Jacobs will not request nor issue any tax forms for prize payouts. PayPal is the Third Party Network who processes payments and is required to handle all tax related transactions. Jacobs does not provide tax guidance. Please contact a tax professional.
US Citizens:
- All US Citizens must self-report all winnings more than $50 to the IRS on Form 1040 Line 21.
Non-US Citizens:
- Form W-8BEN is filed by the Foreign National prize winner to report the prize award and the withholding to the IRS.