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Joined: Nov 2005
Posts: 66,288
Highest Posting Power Known to Humanity
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OP
Highest Posting Power Known to Humanity
Joined: Nov 2005
Posts: 66,288 |
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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Joined: Feb 2003
Posts: 14,392
BellaOnline Editor Highest Posting Power Known to Humanity
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BellaOnline Editor Highest Posting Power Known to Humanity
Joined: Feb 2003
Posts: 14,392 |
Claim it then sell the gold for scrap. I think you will come out better.
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Joined: Nov 2005
Posts: 66,288
Highest Posting Power Known to Humanity
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OP
Highest Posting Power Known to Humanity
Joined: Nov 2005
Posts: 66,288 |
Thanks Jilly, I'll look into it Do you or,Any one know how much the tax will be
Rosie L
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Joined: Jan 2009
Posts: 60,166
Highest Posting Power Known to Humanity
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Highest Posting Power Known to Humanity
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."
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Joined: Nov 2005
Posts: 66,288
Highest Posting Power Known to Humanity
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OP
Highest Posting Power Known to Humanity
Joined: Nov 2005
Posts: 66,288 |
Rosie L
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