Gift cards, gift certificates, and certain tangible gifts purchased with College funds and awarded to any individual are considered taxable income and are subject to withholding, regardless of amount. The Macalester College Taxable Prize or Award/Gift Record (see below) collects required information to report to the Internal Revenue Service (IRS) the taxable portion of prizes or awards/gifts paid for by the College per the Macalester College Prizes and Awards/Gifts Policy (gDoc).
Prize or Awards/Gifts for Macalester Faculty, Staff, and Students
- Enter your name and email when the Macalester College Taxable Prize or Award/Gift Record (eForm) is initiated.
- Macalester College will provide the appropriate annual tax documentation to the Gift Recipient(s) if applicable.
- This completed document will be automatically submitted to Accounts Payable and a completed PDF will be emailed to you.
Prize or Awards/Gifts for Non-Macalester Recipients
- Enter your name and email when the Macalester College Taxable Prize or Award/Gift Record (eForm) is initiated.
- Macalester College will provide the appropriate annual tax documentation to the Gift Recipient(s) if applicable.
- This completed document will be automatically submitted to Accounts Payable and a completed PDF will be emailed to you.
For Prize or Award/Gifts that equal or exceed $600, please complete a Check Request.
Questions
Contact Accounts Payable at [email protected] or payroll at [email protected] with questions.