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#746411 02/15/12 08:26 AM
Joined: Nov 2005
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"Rosie" Offline OP
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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
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"Rosie" #746571 02/15/12 10:30 PM
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Claim it then sell the gold for scrap. I think you will come out better.

"Rosie" #746626 02/16/12 05:03 AM
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Thanks Jilly, I'll look into it
Do you or,Any one know how much the tax will be


Rosie L
"Rosie" #746660 02/16/12 10:30 AM
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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."
"Rosie" #746673 02/16/12 10:55 AM
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Thanks B


Rosie L

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