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.
Forms:
Documents are restricted to campus
ADDITIONAL FINANCE OFFICES
