Raffles — selling tickets for a chance to win a prize — can be used as a fundraising activity. To hold a raffle, however, certain paperwork must be completed and filed with the state of Wisconsin. Please contact the Office of the General Counsel for more information about the registration process and requirements.
If a raffle is held, winnings are taxable income to the winner, regardless of whether the prize for a raffle is cash or merchandise. If the winnings are greater than $600, Marquette is obligated to withhold and remit to the IRS federal tax 25 percent of the cash winnings or prize value, as well as issue a form W2-G, Certain Gambling Winnings, to the winner before January 31 of the following year.
All winners should complete the Raffle Prize Tax Acknowledgement Form. The taxes on the winnings may be paid by the winner or department. Please contact the tax and compliance manager at (414) 288-7279 for a discussion about the impact and procedures for each case.
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