Paying out Super Bowl Square winners question

[randomuser9871]

I will be running a $100 per square / $10k pot pool this year. Some of the participants are not local and I'm worried about how I would pay them without running into any issues. I dont feel comfortable wiring potentially thousands of dollars via Venmo even when using the "pay friends/family" method. If I was able to get their bank account information, would I run into any problems just going to their bank and depositing the money into their account? Would this raise any red flags and would there be any tax implications?



Just seeing if anyone has any experience with this and how you handle paying large amounts of money. Thank you

 

[fredo777]

I will be running a $100 per square / $10k pot pool this year. Some of the participants are not local and I'm worried about how I would pay them without running into any issues. I dont feel comfortable wiring potentially thousands of dollars via Venmo even when using the "pay friends/family" method. If I was able to get their bank account information, would I run into any problems just going to their bank and depositing the money into their account? Would this raise any red flags and would there be any tax implications?



Just seeing if anyone has any experience with this and how you handle paying large amounts of money. Thank you

Mail a few checks under 5K each. Venmo,PayPal and Zelle will all be reporting to the IRS for 2023. It was suppose to happen in 2022 but delayed due to protests because it was announced in July. I suggest do as much research as you can. You don't want to be on the hook paying taxes on 10K.