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Best Practices for Gift and Prize Verification Forms and 1099 Reporting
July 23, 2025
Q. We currently have a gift/prize verification form that we require recipients to complete when a gift or prize is received. For University employees and students, we ask for the form regardless of the dollar amount. For all others, we ask the form to be completed if the prize is over $25. The prizes typically consist of gift cards and perhaps a give away that may be the most $200.
Is there a policy where we required to ask for this form each time from recipients who are not University…
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