The Game Show Forum
The Game Show Forum => The Big Board => Topic started by: bellbm on February 01, 2009, 11:52:44 PM
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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
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I have not received any tax documents outside of the original W-9s.
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I received mine yesterday, my winnings were a cool $700.
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My two wins ($633 and $607) haven't yielded a 1099 for either, just sent the W-9's though.
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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.
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[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.
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[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.
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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.
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[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.
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Got my 1099 from TP:AP today for $765.
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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.
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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!
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[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.
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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.
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[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.
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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!
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[quote name=\'bellbm\' post=\'207497\' date=\'Feb 3 2009, 07:54 PM\']
Well, I received my 1099 today from WSP Enterprises. It was an aggregate amount.[/quote]Yep. Got mine for my five checks sent in 2008.
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So, just to be clear: if you won less than $600, do you have to declare it?
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[quote name=\'Loogaroo\' post=\'207501\' date=\'Feb 3 2009, 09:00 PM\']
So, just to be clear: if you won less than $600, do you have to declare it?[/quote]
Strictly speaking, all good little boys and girls should tell Uncle Sam about any income they received from any source. Cash tips, Ebay sales, panhandling, whatever. However, if you won less than $600, it isn't going to be reported to the IRS, so you're reasonably safe in excluding it from your returns.
EDIT: Actually, after a little further checking, it appears that even Uncle Sam lets you skate on anything under $600. So no, you do not have to declare it.