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October 9–13, 2014 $1,000,000 Prize Guaranteed
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Prize Fund

MILLIONAIRE CHESS > Prize Fund

Prize fund: $1,000,000 absolutely guaranteed!

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Open section

Champion – $100,000

2nd place – $50,000
3rd place – $25,000
4th – $14,000
5th – $8,000
6th – $4,000
7th to 20th – each $2,000
21st to 50th – each $1,000

2350-2499

1st place – $40,000
2nd place – $20,000
3rd place – $10,000
4th place – $5,000

Under 2350
1st place – $40,000
2nd place – $20,000
3rd place – $10,000
4th place – $5,000

Total payout in Open section (3 divisions): $409,000

Under 2200, U2000, U1800, U1600

1st place – $40,000
2nd place – $20,000
3rd place – $10,000
4th place – $5,000
5th place – $3,000
6th place – $2,000
7th to 20th – each $1,000
21st to 50th – each $600

Payout in each section: $112,000

Total payout in all four sections: $448,000

Under 1400 Section

1st place – $24,000
2nd place – $12,000
3rd place – $6,000
4th place – $4,000
5th place – $3,000
6th place – $2,000
7th to 20th – each $1,000
21st to 50th – each $600

Top Under 1200
1st place – $20,000
2nd place – $10,000
3rd place – $6,000
4th place – $4,000
5th place – $2,000

Top Under 1000

1st place – $8,000
2nd place – $4,000
3rd place – $2,000
4th place – $2,000
5th place – $2,000

Total payout in U1400 section (3 divisions): $143,000

Total prize payout: $1,000,000

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To summarize, all six sections will have guaranteed prizes down to the 50th place. In addition, the Open section will have prizes for the top four places for those players rated 2350 – 2499 and for players rated under 2350. Those are not two separate sections — they are part of the Open Section and those prizes are in addition to the top 50 places. Those four places will also be decided on Millionaire Monday.

The U2200, U2000, U1800 and U1600 are four separate sections. The top four places in these sections will be decided in the Semifinals and Finals on Millionaire Monday.

The U1400 is one big section for all players rated below 1400 (Unrated players are only allowed in the Open and U2200 section). There are prizes for U1200 and U1000 as well, making it three different divisions within the same section (much like the Open section). The top four in all three divisions will play on Millionaire Monday to decide who takes home the the first four places. There will be no tie for first, second, third or fourth in any section of the Millionaire Chess Open.

 

Mixed Doubles

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Millionaire Chess would like to announce the Mixed Doubles Prize at the Millionaire Chess Open. One team of two players – male and female – will take home a $1,000 prize for the top score at the tournament. The teams may include players from different sections, and the average team rating must be less than 2200. Teams must be submitted to groups@millionairechess.com before October 9, 2014.  May the best team win!

Rules for the MC Mixed Doubles Prize

  1. Teams must have an average rating under 2200.
  2. Average ratings are not rounded (so a team with average 2199.5 is fine).
  3. Players in “Under” sections must use their wall chart rating to calculate the average.
  4. Players in Open section can use their FIDE rating to calculate the average. (If the player doesn’t have a FIDE rating, they use their assigned rating.)
  5. Unrated players or Provisonally Rated players are calculated with 2200 rating for the purposes of this prize.
  6. Once a player has started their first round, regardless of schedule, that player cannot switch teams.
  7. Both players on the team must fill out and sign the registration form (I already have one designed for the Cleveland Open which I can forward under separate cover).
  8. Standings through the previous round will be updated during the current round.
  9. There are no “class” prizes – all teams play for the same pool of prizes.
  10. The mixed doubles prizes are considered separate “special” prizes, so a player can win both a mixed doubles prize and a section prize.

 

Side Prize Giveaways

“The Hawaii 5-0 Prize”

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The winner will be drawn from a pool of players from all sections who manage to complete the “Hawaii 5-0” by winning his/her first 5 games in the first 5 rounds of the tournament. The prize is consistent with MC’s mission to promote fighting chess in exciting destination spots around the globe. For more information, see here.

“The MC Belize Vacation Prize”

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Millionaire Chess is pleased to announce the MC Belize vacation prize, which will go to one of the participants of this year’s Millionaire Chess Open. The winner will be drawn from a pool of players from all sections who score 5 or more points in the tournament. Players with scores higher than five will have a progressively greater chance of winning the prize, with each half point being given one extra straw in the hat. The prize is consistent with MC’s mission to promote fighting chess in exciting destination spots around the globe. For more information, see here.


Millionaire Chess Open Tax Compliance Policy
Millionaire Chess must report any prize of $600 or more to the IRS.  U.S. citizens and permanent residents must complete IRS Form W-9 to receive a prize of more than $600.

 

1. For prize reporting purposes, Millionaire Chess will calculate the prize NET of the entry fee.

2. A non-resident alien CANNOT use an alternate payer.  This person MUST have the 30% backup withholding done on site.

3. A non-resident alien MUST have 30% backup withholding done for ANY cash prize, regardless of amount.

4. A non-resident alien must give his current mailing address to the tournament when receiving his prize.  Millionaire Chess will then send him IRS Form 1042, which he may then use to file a tax return with the IRS and try to get his withheld prize money back.

5. Even if a non-resident alien has a taxpayer ID number (TIN), Millionaire Chess MUST withhold 30% of any prize.

6. Certain non-resident aliens with a TIN who win prizes of less than $5,000 may be able to fill out IRS Form 8233 (this is done at the tournament).  The IRS will review the form and advise Millionaire Chess within two weeks whether the player can receive the 30% withheld, or whether it has to be remitted to the IRS.

7. For more information about U.S. income taxes, please consult a tax professional.

 


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