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#746411 - 02/15/12 12:26 PM I WON  
Joined: Nov 2005
Posts: 66,288
"Rosie" Offline
Highest Posting Power Known to Humanity
"Rosie"  Offline
Highest Posting Power Known to Humanity

Joined: Nov 2005
Posts: 66,288
Massachusetts
Yesterday i won a prize of 24 boxes of Puffs tissues
and
Grand Prize of One (1) Star Pendent in 14kt yellow gold with � carat total weight diamonds with 17" 14kt yellow gold chain (ARV $995). After receipt of this information an affidavit will be forwarded to you via Priority Mail to be completed and notarized. We will be asking for your SS# on the affidavit, because we are required to file taxes on this prize. Any prize over $600 must be reported to the IRS for tax purposes.

Don't think i'll claim it cause of the taxes


Rosie L
#746571 - 02/16/12 02:30 AM Re: I WON [Re: "Rosie"]  
Joined: Feb 2003
Posts: 14,392
Jilly Offline
BellaOnline Editor
Jilly  Offline
BellaOnline Editor
Highest Posting Power Known to Humanity

Joined: Feb 2003
Posts: 14,392
Verde Valley, AZ
Claim it then sell the gold for scrap. I think you will come out better.

#746626 - 02/16/12 09:03 AM Re: I WON [Re: "Rosie"]  
Joined: Nov 2005
Posts: 66,288
"Rosie" Offline
Highest Posting Power Known to Humanity
"Rosie"  Offline
Highest Posting Power Known to Humanity

Joined: Nov 2005
Posts: 66,288
Massachusetts
Thanks Jilly, I'll look into it
Do you or,Any one know how much the tax will be


Rosie L
#746660 - 02/16/12 02:30 PM Re: I WON [Re: "Rosie"]  
Joined: Jan 2009
Posts: 60,166
Beetlemess Offline
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Beetlemess  Offline
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Joined: Jan 2009
Posts: 60,166
Prize winning values are taxed at your regular tax rate. The awarding organization reports the prize value on a 1099 form that is filed with the IRS & you should get a copy also. This is then reported on your 1040 for the year as income -- thus, your regular tax rate (highest bracket being about 35%)


-B-
"We do not inherit the Earth from our ancestors,
we borrow it from our children."
#746673 - 02/16/12 02:55 PM Re: I WON [Re: "Rosie"]  
Joined: Nov 2005
Posts: 66,288
"Rosie" Offline
Highest Posting Power Known to Humanity
"Rosie"  Offline
Highest Posting Power Known to Humanity

Joined: Nov 2005
Posts: 66,288
Massachusetts
Thanks B


Rosie L

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