Taxes...

[josimac]

I received my 1099 form for taxes from Marden Kane yesterday.

$3650

Until this point they had never answered any emails I sent asking about taxes. My question to them was; "Will I have to pay taxes on the total prize package or each item individually??

Now I have my answer!

[funkymunky]

You have to pay tax for the prizes you won?????

Surely not?

[Fugi]

You have to pay tax for the prizes you won?????

Surely not?

You're not allowed ot recieve over $500 of free stuff without paying taxes on it, same thing happened with powertogeather.

[Berserk87]

wow thats harsh..

what was it that you won?

[GPW]

Got my 1099 a few weeks ago. $53,500.

[Matrix XII]

Wow, that's rough dude.. I hate taxes :(

[PricklyPoo]

Well, I won around $1200 of stuff around a year ago in a microsoft raffle, and I emailed microsoft if I would have to pay taxes on the items and they never responed so I just let them send the prizes. I was as happy as could be when they arrived.

It is now a year later and I get a form for taxes I have to pay on the items. Around $900 dollars. I have never been more ****ed off in my life. Now I have to figure out how to pull $900 dollars out of my a** to pay taxes on the prizes. And the tax is almost as much as the prizes were worth.

If I knew this was going to happen I would have never accepted the prizes in the first place.

[Berserk87]

Well, I won around $1200 of stuff around a year ago in a microsoft raffle, and I emailed microsoft if I would have to pay taxes on the items and they never responed so I just let them send the prizes. I was as happy as could be when they arrived.

It is now a year later and I get a form for taxes I have to pay on the items. Around $900 dollars. I have never been more ****ed off in my life. Now I have to figure out how to pull $900 dollars out of my a** to pay taxes on the prizes. And the tax is almost as much as the prizes were worth.

If I knew this was going to happen I would have never accepted the prizes in the first place.

theres probably ways you could write it off...might count as tax fraud though :p

[GPW]

Actually, no, you don't have to pay 900 dollars in taxes or even half of that. The way it works is that the monetary value of the prizes is added to your income on your taxes. So, if you made 42,000 for last year, when you file your taxes and figure out what you owe or what you get back, you now have to state you made 42,900. Make sense?