How are sweepstakes winnings taxed
There will be only one winner who could Win PCH $5,000.00 A Week For Life Sweepstakes Giveaway, on August 30th, 2019 with a guaranteed minimum of $1,000,000.00 dollar cash prize from Publishers Clearing House. Periodic payments (eg. daily, weekly, monthly) may be paid in advance for up to one year, for any year during which such periodic payments are due to be made. Win $1,000,000.00 from Giveaway No. 18000 and you will receive $25,000.00 a year for 29 years, and a final payment of $275,000.00 in the 30th year.
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Sweepstakes with large grand prizes tend to attract more entries regardless of the odds of winning. Therefore, the value of smaller prizes usually totals much less than that of the top prize. Firms that rely on sweepstakes for attracting customers, such as Publishers Clearing House and Reader's Digest, have also found that the more involved the entry process, the more entrants. Businesses often obtain marketing information about their customers from sweepstakes entries. Here, products are for free, and the company does not ask for specific knowledge for providing answers in the contests.