MC3 Prize Fund - wordings

Find the actual prize fund here.

All five sections will have prizes down to 40 places. In addition, the Open section will have prizes for the top five places for those players rated 2400 – 2549 and for players rated under 2400. Those are not two separate sections — they are part of the Open Section and those prizes are in addition to the top 40 places. The top four places for all three divisions will be decided on Millionaire Monday.

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

The U1600 is one big section for all players rated below 1600 (Unrated players and Provisionally rated players are only allowed in the Open). There are prizes for U1400 and U1200 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

There will be a Mixed Doubles Prize at the Millionaire Chess Open. One team of two players – one male and one female – will take home a $600 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 the Registration desk by 11am on October 6, 2016.  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 will use their FIDE rating to calculate the average. (If the player doesn’t have a FIDE rating, the assigned rating will be used.)

  5. Unrated players or Provisionally 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.

  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.

  11. The Chief Arbiter reserves the right to make on site decisions about any aspect of these rules that he deems necessary to maintain the integrity of the competition.

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 NET prize earned (prize minus entry fee).

2. A non-resident alien CANNOT use an alternate payee.  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.