Prizes and awards are generally required to be included in income. The exemption of certain prizes and awards is generally limited to taxpayers who donate the proceeds to a charitable organization. Certain employee achievement awards are also excluded from gross income.
Origin: IRC § 74
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2016
FY2017
FY2018
FY2019
FY2020
Personal Income Tax
Exclusions from Gross Income
1.016
Exemption of Certain Prizes and Awards
Prizes and awards are generally required to be included in income. The exemption of certain prizes and awards is generally limited to taxpayers who donate the proceeds to a charitable organization. Certain employee achievement awards are also excluded from gross income.
<a href="http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000074----000-.html" target="_blank">IRC § 74</a>
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