Taxing Noncash Awards & Prizes

Taxing Noncash Awards & Prizes

February 26, 2014

Certain noncash awards or prizes may be taxable and/or reportable as income to the recipient depending on the circumstances. 

Whether an award or prize is taxable depends on the purpose of the award or prize, its frequency and its fair market value. 

Tax Services has prepared forms and guidelines to assist departments in determining the tax treatment of these awards or prizes. See Related Information for further guidance.