NHRA racers and IRS

[a pontiac]

What happens to the withheld money?

[J.R. Haddad]

What happens to the money withheld from your pay cheque at work?

J.R.

[Jared Jordan]

Don’t they fix the roads with that $? That’s what us rural CA voters get told.

[Cglrcng]

Originally Posted by Jared Jordan

Don?t they fix the roads with that $? That?s what us rural CA voters get told.

Not in Arizona anymore, the State has stolen all our gas taxes on each gallon sold and are now using those taxes for other uses like budget shortfalls and school vouchers for private schools while our roads decay into potholes and bumping bump crack sealing forever until they are slick Sloppy surfaces.

[KennyAnderson]

Collecting contingency money sucks! To the guys without stickers.... rock on! It might not be good for your bank account, but it is good for your blood pressure! LOL!!!

Some of the contingency sponsors are awesome and a pleasure to deal with.... to the others and the admin of the NHRA system.... shame on you.

PS the W9 we fill out with the NHRA is not passed to the contingency sponsors. Due to IRS and privacy act rules they are not allowed to share that form. Each contingency sponsor has to collect their own.

[Mark Lewis]

And the form posted in contingency section has a 2024 date. Can we submit that?

[goinbroke2]

Wait...people win MONEY in drag racing??????



(lol)

[Don Eckel 111]

Originally Posted by KennyAnderson

Collecting contingency money sucks! To the guys without stickers.... rock on! It might not be good for your bank account, but it is good for your blood pressure! LOL!!!

Some of the contingency sponsors are awesome and a pleasure to deal with.... to the others and the admin of the NHRA system.... shame on you.

PS the W9 we fill out with the NHRA is not passed to the contingency sponsors. Due to IRS and privacy act rules they are not allowed to share that form. Each contingency sponsor has to collect their own.

I'll say that collecting contingency awards can be a pain at times. There are some sponsors who are usually pretty quick, but there are also some that I feel need to be prodded, to put it lightly. I recently sent a nice email to NHRA's contingency department voicing my opinion about this and that the racers should not be forced to spend so much of their time trying to "chase down" some of these awards. I did receive a nice response from Jason Galvin at NHRA and I was told that would help the process along if need be. He did say " If you know of others who completed contingency forms and have been waiting for 4+ months like you, or more, then please have them reach out as well".

One of my suggestions, if it's feasible, is to drop the requirement of the W-9 if you don't have $600 or above in claims from a each manufacturer/sponsor. It's not a requirement below that. It would still be on the racer to know if they exceeded that threshold to then supply the W-9.

[Julie Jordan]

Originally Posted by a pontiac

What happens to the withheld money?

You claim it as withholding when you file your tax returns.