DoND Question.

[J.R.]

No special reason why I want to know. I'm just simply curious...

If someone won the penny on DoND, will he or she really have to wait several weeks for a check worth one cent?

-Joe R.

[SuperMatch93]

I would assume that Howie would give the contestant a penny right then and there, but I don't know for sure.

[clemon79]

[quote name=\'JRaygor\' post=\'119712\' date=\'May 29 2006, 09:07 AM\']
If someone won the penny on DoND, will he or she really have to wait several weeks for a check worth one cent?
[/quote]
I'm guessing almost certainly, for tax tracking reasons if absolutely nothing else. Unless they have some kind of special dispensation that classifies any prize under $10 or so as a gag gift, and therefore payable in cash or something.

Personally, I'd rather have a check. The novelty of a check for .01 is far more entertaining than the gumball a penny would get me.

[Dbacksfan12]

[quote name=\'clemon79\' post=\'119717\' date=\'May 29 2006, 01:10 PM\']
Personally, I'd rather have a check. The novelty of a check for .01 is far more entertaining than the gumball a penny would get me.
[/quote]
And everyone who visits you would say, "Hey! Look at the dumbass!"
That said, I'd rather have a check than the penny too.

[clemon79]

[quote name=\'Modor\' post=\'119720\' date=\'May 29 2006, 11:44 AM\']
And everyone who visits you would say, "Hey! Look at the dumbass!"
[/quote]
No, I'm guessing most of my friends would think it was pretty damn funny that I had enough sense of humor about the whole thing to frame the check and display it publically.

[BrandonFG]

[quote name=\'JRaygor\' post=\'119712\' date=\'May 29 2006, 12:07 PM\']
No special reason why I want to know. I'm just simply curious...

If someone won the penny on DoND, will he or she really have to wait several weeks for a check worth one cent?

-Joe R.
[/quote]
Although the novelty check would be pretty funny, isn't anything under $600 handled on the spot? I know that here in VA, the stores will give you a prize up to $600, although the higher amounts might be a money order.

Perhaps someone could explain that a little better.

[sshuffield70]

The IRS requires notification of any winnings over $600.  This is why you can handle lottery wins up to $600 at your friendly neighborhood 7-11.  It also explains why Oblivious only gave a max of $600 to contestants.

[Kevin Prather]

[quote name=\'sshuffield70\' post=\'119743\' date=\'May 29 2006, 04:22 PM\']
The IRS requires notification of any winnings over $600.  This is why you can handle lottery wins up to $600 at your friendly neighborhood 7-11.  It also explains why Oblivious only gave a max of $600 to contestants.
[/quote]
Then how does Cash Cab work? I've seen wins of well over a thousand on that show.

[Matt Ottinger]

[quote name=\'whoserman\' post=\'119744\' date=\'May 29 2006, 07:29 PM\']
[quote name=\'sshuffield70\' post=\'119743\' date=\'May 29 2006, 04:22 PM\']
The IRS requires notification of any winnings over $600.  This is why you can handle lottery wins up to $600 at your friendly neighborhood 7-11.  It also explains why Oblivious only gave a max of $600 to contestants.
[/quote]
Then how does Cash Cab work? I've seen wins of well over a thousand on that show.
[/quote]
If people are receving more than whatever the IRS cut-off is, then you can be sure that they're signing forms afterwards off-camera. They may not even be leaving with cash on the spot, no matter how it might appear on the show.

[Kevin Prather]

Ok, one last question. Is it up to $600, or under $600. Would a payoff of exactly $600 be IRS fodder?

[StevensM]

[quote name=\'whoserman\' post=\'119746\' date=\'May 29 2006, 07:41 PM\']
Ok, one last question. Is it up to $600, or under $600. Would a payoff of exactly $600 be IRS fodder?
[/quote]

I'm not a lawyer, but I believe that payments worth exactly $600 need to be reported.

[MikeK]

[quote name=\'whoserman\' post=\'119746\' date=\'May 29 2006, 08:41 PM\']Ok, one last question. Is it up to $600, or under $600. Would a payoff of exactly $600 be IRS fodder?[/quote]
The latter.  When you hit $600, the IRS must know about it.

[Terry K]

[quote name=\'hmtriplecrown\' post=\'119748\' date=\'May 29 2006, 08:14 PM\']
[quote name=\'whoserman\' post=\'119746\' date=\'May 29 2006, 08:41 PM\']Ok, one last question. Is it up to $600, or under $600. Would a payoff of exactly $600 be IRS fodder?[/quote]
The latter.  When you hit $600, the IRS must know about it.
[/quote]

The Missouri Lottery has the terminals set here to $599 or less.  Anything over $599 has to be paid at the Lottery office for that very reason.

[GiraffeBoy]

[quote name=\'whoserman\' post=\'119746\' date=\'May 29 2006, 05:41 PM\'] Ok, one last question. Is it up to $600, or under $600. Would a payoff of exactly $600 be IRS fodder? [/quote]

Per the IRS instructions for Form 1099-MISC (page 3, look under Box 3, Other Income - see irs.gov), a payoff of $600 or more would be reported.

Putting my tax skills to good use on this forum. (