When the tourney was originally announced, Continental said that they would pay a U.S. withholding tax for the top “8” winners. They have recently amended that to announce that they will now pay a U.S. withholding tax for the top “9” winners.
So if the fear of taxes has been holding you back, worry no longer and get in there to go “all in.”
(Latest update on withholding tax question)
Q: If I win the tournament, will I need to pay taxes on the prize?
Continental will pay a U.S. withholding tax for the top 9 winners of the tournament. The value of the award is taxable as gambling winnings and each winner will be taxed based on his/her own income situation. Therefore, each winner would be required to pay any taxes over and above the withholding tax payment made by Continental.
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