* Cash prizes are taxable. Cash prizes paid by Harvard University are generally taxable to the recipient. Harvard must collect tax documentation from each winner to meet its U.S. tax reporting and withholding obligations. Before payment, each winner must provide Harvard with the tax forms and identification information Harvard requests. A U.S. citizen or U.S. tax resident will generally be required to provide IRS Form W-9. A non-U.S. tax resident will generally be required to provide the applicable IRS Form W-8 and any additional documentation needed to determine whether tax withholding or treaty benefits apply. If a winner does not provide the requested documentation, payment may be delayed, or Harvard may withhold tax at the highest applicable rate.

Harvard will deduct any tax withholding required by law from the stated prize amount. Harvard will issue any required tax reporting form, which may include IRS Form 1099-MISC or IRS Form 1042-S. Each winner is responsible for any taxes that are not withheld and should consult an independent tax adviser regarding their individual circumstances. Harvard cannot provide personal income tax advice or assist winners in preparing tax returns.

If a winner is a Harvard employee, the prize may be treated as taxable wages, subject to payroll tax withholding and reported on IRS Form W-2 rather than the forms described above.