Author Topic: Trivial Pursuit Winnings & Taxes (Read 5661 times)

bellbm · « **on:** February 01, 2009, 11:52:44 PM »

Now that it is tax season, does anyone know, or has anyone received, any 1099 forms in the mail from Trivial Pursuit? (I'm not sure if these were in the original mailings, I can't find them at this moment).
I think the rule was any prize over $600 had to reported.

Thanks

chad1m · « **Reply #1 on:** February 02, 2009, 12:19:51 AM »

I have not received any tax documents outside of the original W-9s.

Adam Nedeff · « **Reply #2 on:** February 02, 2009, 01:28:58 AM »

I received mine yesterday, my winnings were a cool $700.

Strikerz04 · « **Reply #3 on:** February 02, 2009, 01:36:19 AM »

My two wins ($633 and $607) haven't yielded a 1099 for either, just sent the W-9's though.

Craig Karlberg · « **Reply #4 on:** February 02, 2009, 04:26:33 AM »

Most game shows seem to have some "minimum' in regards to tax reporting goes & $600 appears to be the most you can win without such documentation. So, if you win say a cat tree on TPIR($599), that won't require any taxes to be paid while winning a set of power tools($629) does. And as always, make sure you file the proper documents.

chad1m · « **Reply #5 on:** February 02, 2009, 04:39:17 AM »

[quote name=\'Craig Karlberg\' post=\'207392\' date=\'Feb 2 2009, 04:26 AM\']Most game shows seem to have some "minimum' in regards to tax reporting goes[/quote]Not to mention the Internal Revenue Service.

opimus · « **Reply #6 on:** February 02, 2009, 09:30:39 AM »

[quote name=\'chad1m\' post=\'207393\' date=\'Feb 2 2009, 05:39 AM\']
[quote name=\'Craig Karlberg\' post=\'207392\' date=\'Feb 2 2009, 04:26 AM\']Most game shows seem to have some "minimum' in regards to tax reporting goes[/quote]Not to mention the Internal Revenue Service.
[/quote]
It has to be some sort tax rule. In illinois any lottery a prize over $600 you have go to a state lottery office to claim your prize.

chad1m · « **Reply #7 on:** February 02, 2009, 05:29:34 PM »

Hrm. I'm thinking there's a reason I haven't gotten mine today. I got an email today telling me that there was more money left for me to claim. They must've forgotten to send out another letter or something. This extra $803 makes my TP:AP total just over $3,850. Not bad for just reading trivia.

Strikerz04 · « **Reply #8 on:** February 02, 2009, 05:47:34 PM »

[quote name=\'Strikerz04\' post=\'207384\' date=\'Feb 2 2009, 12:36 AM\']
My two wins ($633 and $607) haven't yielded a 1099, just sent the W-9's though.
[/quote]

The mail carrier sent me a 1099 for one of them today.

MikeK · « **Reply #9 on:** February 02, 2009, 06:49:10 PM »

Got my 1099 from TP:AP today for $765.

bellbm · « **Reply #10 on:** February 02, 2009, 08:07:54 PM »

Ok, I guess I'll wait to file my taxes.

I had three prizes

two were over the magical $600

one was under

I wonder if they use an aggregate amount, or send one for each eligible prize.

GameShowFan · « **Reply #11 on:** February 02, 2009, 09:31:44 PM »

IRS rules dictate a 1099 for anyone who earns $600 or more. The milestone should be an aggregate amount, much like working for someone for a couple of weeks as a consultant. (Which this is not unlike!)

Those who have received 1099s and have multiple wins: Does the form amount match all of your wins, or just one of them?

That should answer those questions. And if you have a 1099... you may be in for a rude shock from Turbo Tax this year! (For one, you can't use the EZ form, and it goes downhill from there!)

'Brian

/Not a tax specialist
//But I stayed at a Holiday Inn Select last night!

Matt Ottinger · « **Reply #12 on:** February 02, 2009, 10:31:02 PM »

[quote name=\'GameShowFan\' post=\'207469\' date=\'Feb 2 2009, 09:31 PM\']That should answer those questions. And if you have a 1099... you may be in for a rude shock from Turbo Tax this year! (For one, you can't use the EZ form, and it goes downhill from there!)[/quote]
If you have a 1099, that means there's a chunk of change that you haven't paid taxes on yet. (This, by the way, is what our "genius" Secretary of the Treasury either failed to understand or lied about. One or the other.) And whether you use TurboTax, H&R Block or Uncle Fred, you're going to owe some of that money. If that's a "rude shock" for you, then...[quote name=\'GameShowFan\' post=\'207469\' date=\'Feb 2 2009, 09:31 PM\']/Not a tax specialist[/quote]
...yeah.

Sonic Whammy · « **Reply #13 on:** February 02, 2009, 11:45:12 PM »

I'll add my name to the list of 1099's. In my case, though, only my first win of $715 got listed, since I got that check in December. My other $664 check came dated January 5th (coincidentally, the date of my new daughter's birth), so that one won't be in play until next year. I imagine several of you have the same deals happening.

bellbm · « **Reply #14 on:** February 03, 2009, 07:54:04 PM »

[quote name=\'Sonic Whammy\' post=\'207479\' date=\'Feb 3 2009, 12:45 AM\']
I'll add my name to the list of 1099's. In my case, though, only my first win of $715 got listed, since I got that check in December. My other $664 check came dated January 5th (coincidentally, the date of my new daughter's birth), so that one won't be in play until next year. I imagine several of you have the same deals happening.
[/quote]

Well, I received my 1099 today from WSP Enterprises. It was an aggregate amount. I guess I'm on the hook for a little more than I thought. But, I guess I can also deduct the non-reimbursed expenses associated with my work for them, since I was in Las Vegas when I taped the questions!

Author Topic: Trivial Pursuit Winnings & Taxes (Read 5661 times)

bellbm

opimus

bellbm

bellbm