Coca-Cola - Wanta Fanta Sweatshirt Sweepstakes:

Coca-Cola - Wanta Fanta Sweatshirt Sweepstakes:

Prize: one of five prizes of a Wanta Fanta sweatshirt, which they say is worth $250.

Restrictions:

13 or older

Value: $250

Frequency: Daily Entry

End Date: July 14, 2025

posted on May 27, 2025

Thanks to: wx4caster2 for telling me about this one

Comments:

How is that worth $250

Posted by: bradshaw5 on May 27, 2025

I think they accidentally added a zero in the price.

Posted by: BobNJudy on May 27, 2025

I don't care if they say it's worth $599 (no taxes), but I would never wear that in public with that "saying" on it!

Posted by: huricane on May 27, 2025

huricane - there 100% is taxes on prizes under $599, there just isn't a mandatory reporting to the IRS from the company issuing the prize. Anyone that's entering sweeps should be paying taxes on ALL of their wins even those that aren't on a 1099, whether it's worth $1 or $600.

Posted by: theweasul on May 27, 2025

No, no, no. This is for the kids.

Posted by: JBRITTAIN2 on May 27, 2025

Seems exactly the kind of shirt you should wear for a whole lot of un-wanta attention!

Posted by: BAILEYGINGER on May 27, 2025

To the best of may knowledge (the weasul) you DO NOT have to report any winnings under $600, I may be wrong, but you can go ahead and pay the taxes if you like.

Posted by: huricane on May 28, 2025

I think it's ugly as all get out

Posted by: sdbuzzed1 on May 28, 2025

hurricane, all winnings are considered taxable income. Under $600 the sponsor is not required to notify the IRS, and you're theoretically on your own to include the prize under Miscellaneous Income on your tax return. Winners of $600+ will receive a Form 1099-MISC indicating the value of the prize, although the sponsor has the option of sending a 1099-MISC even if the prize is under $600. The sponsor files a copy of that form with the IRS.

From the Intuit/TurboTax website:
"Cash prizes: If you enter a drawing and win $1,000, you've won a cash prize. Other ways to win cash prizes could include sweepstakes, a game show or reality TV competition. You'll need to include all prizes as income on your tax return, even if they're as small as a dollar.

Noncash prizes: The IRS considers noncash prizes as income you should report as well. Whether you win a $25 gift card to your favorite restaurant from a radio contest, a new TV, a year's supply of a particular product, a luxury vacation for two to Europe or a brand-new car from a game show, you're required to report the fair market value of these prizes as other income on your tax return."

https://turbotax.intuit.com/tax-tips/general/everything-you-need-to-know-about-filing-taxes-on-winnings/L7ifGWjkX#GoTo-Taxable-winnings

And yes, that is an incredibly ugly sweatshirt...

Posted by: TarheelBlues on May 29, 2025

Yes, but you only pay tax on the FMV, not the ARV per the IRS rule

Posted by: BourbonDon on May 29, 2025

BourbonDon, you're correct, it would be a declaration of FMV for this contest where the prize is a drastically overvalued sweatshirt. But I was replying to hurricane's comment that said "To the best of my knowledge you DO NOT have to report any winnings under $600." As theweasul correctly stated earlier, you are *supposed* to declare ANY winnings, regardless of the amount.

Posted by: TarheelBlues on May 29, 2025

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