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Gift Card Reporting Requirements for Research Participants
May 20, 2025
Q. If our university willingly gives out gift cards to research participants without obtaining TIN# information, can we pay a specific percentage of taxes to the IRS since we will not be able to send 1099s to the recipients? The amounts would vary – could be as low as $5 or high as $50-75 each.
A.
(Answered by IOFM's third-party tax expert)
If these gift cards are the only thing people are receiving, then the dollar amount is far below the $600 reporting threshold (for what seems to be a box 3…
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