How do contestants get taxed on Let's Make a Deal for winnings? - Sitcoms Online Message Boards

Amanda Hugnkiss · 10-14-2017, 02:37 PM

On some of the games and quickie deals, a person will get an amount in cash that's well over the taxable amount. How do they handle that so that tax payments for income get paid? If someone hands a contestant $500 for a quickie deal or if they play the game where a girl says her husband sounds like something and Wayne keeps handing the money over every time she guesses, that's taxable.
Take care and God bless

Babalu · 10-14-2017, 03:11 PM

Contestant's are taxed on the value of what they win. If they win cash or prizes valued over $600 they receive an IRS form 1099 from the show which must be entered on their 1040. Very often contestants must sell the prizes they win in order to pay the tax, including cars.

Amanda Hugnkiss · 10-14-2017, 04:56 PM

Yes; but for boyfriend or husband sounds like a whatever game where Wayne will just hand them the cash from as he sometimes calls it, the money fairy, that's money right in their hands. Do they have to pay back a lot of it later when they get an audit? I know with that one in particular, Wayne will say they can keep their money or buy a curtain or something that has what could be a zonk or something valuable. I know I always go with door two when I play at home, and I'm always so upset when they have a stupid trip behind my door because trips are a waste. Once you get back, all you get are memories of a nice time. It's not like you can have them to keep. Sometimes it's to a place that would suck to even visit like Alaska.

RetroGuy2000 · 10-14-2017, 07:51 PM

What's wrong with Alaska?

I live in Arizona. During the summer, I want to be anywhere but Arizona. I'd take a cruise to Alaska. I'd like to see the midnight sun, and the towns up north. I'd like to see polar bears, seals, and whales.

Amanda Hugnkiss · 10-14-2017, 10:05 PM

What's wrong with Alaska is that there's a 50% chance of going at a bad time. Winter time has nothing but night time year round while summer time has nothing but daylight round the clock. Unless you go during spring or fall, you'd be going at a time when it sucks.

RetroGuy2000 · 10-14-2017, 10:58 PM

"Sucks"? I visited Finland and Sweden during May-June 2001, and the Midnight Sun there was wonderful, even though I wasn't even above the Arctic Circle. I wish I had been able to spend more time there, not less. The sun being up means you can stay out and swim, stay up late and party, safely go boating, hike, bike, rock climb... and you have twice as much time to do it in.

I've never been to Alaska, but I'd surely like to go in summer.

I have been to Hawaii in the winter, and that is quite nice, too. Maui is beautiful, and the only thing I didn't like is that gas and milk are both $7.00 per gallon.

Amanda Hugnkiss · 10-15-2017, 07:53 AM

I'm more of a person who likes living in the southern region like Florida. It's strange that I saw a trip to Orlando being offered on Price is Right because that's like a trip home for me. We're maybe 35 miles away from there. True, it can mean having to put up with nasty hurricanes at times; but there are shelters that can withstand mean storms. I remember living in Illinois for the longest time, and I was so thrilled when I finally got to move away.
Take care and God bless

Babalu · 10-15-2017, 08:27 AM

Quote:

Originally Posted by Irelan

Yes; but for boyfriend or husband sounds like a whatever game where Wayne will just hand them the cash from as he sometimes calls it, the money fairy, that's money right in their hands. Do they have to pay back a lot of it later when they get an audit? I know with that one in particular, Wayne will say they can keep their money or buy a curtain or something that has what could be a zonk or something valuable.

It's a game show. It's entertainment. They're not going to have the IRS there taking the money back on the spot. That's why so many people are surprised that they have to pay income tax on what they win. The show can pay the tax for you if they want to, but they never do. The law is different depending on how much you win. If you win a little, you can pay it by the end of the year. If you win a lot, you have to pay sooner.

OH Nuts! · 10-15-2017, 12:14 PM

Quote:

Originally Posted by Babalu

Contestant's are taxed on the value of what they win. If they win cash or prizes valued over $600 they receive an IRS form 1099 from the show which must be entered on their 1040. Very often contestants must sell the prizes they win in order to pay the tax, including cars.

This of course SHOULD BE A BIG CLUE that there are taxes to be paid on anything you win. And if there's a big tax deficit there might be a penalty for not paying earlier. I think it's quarterly but I can't swear to that. My worry about winning a big prize is that the show might value it at its full retail value.

I guess what I'd do is immediately find out from a tax professional exactly any tax obligations. And maybe if donating the prize (like a car or a piano) would eliminate a tax burden. As a last resort, if allowed, I might just decline the prize and consider my "winnings" to getting on the show snd having that experience.

Babalu · 10-15-2017, 05:07 PM

Quote:

Originally Posted by OH Nuts!

This of course SHOULD BE A BIG CLUE that there are taxes to be paid on anything you win. And if there's a big tax deficit there might be a penalty for not paying earlier. I think it's quarterly but I can't swear to that. My worry about winning a big prize is that the show might value it at its full retail value.

I guess what I'd do is immediately find out from a tax professional exactly any tax obligations. And maybe if donating the prize (like a car or a piano) would eliminate a tax burden. As a last resort, if allowed, I might just decline the prize and consider my "winnings" to getting on the show and having that experience.

Not only that, if you win a certain amount of money gambling you also get a 1099 from the casino or racetrack which also goes to the IRS. The formula varies depending on how much you bet. And if you say, win $1,000 on a $2 bet, you can deduct all your gambling losses for the year against it. But, it's up to you to prove how much you lost in other bets during the year! People have picked up losing horse race betting tickets from the floor and had them disallowed by the IRS. But of course, you can't deduct gambling losses from other income, only up to your gambling winnings.

Amanda Hugnkiss · 10-16-2017, 07:40 AM

It would be nice to go on the show once and heckle Wayne a bit and make jokes. Here's a joke I like. Did you hear about the contestant who went on a trip because he wanted a trip, so they made him? Wanted a trip can be taken to mean wanted to trip.
Take care and God bless

MRPITT · 10-16-2017, 12:34 PM

Quote:

Originally Posted by Irelan

It would be nice to go on the show once and heckle Wayne a bit and make jokes. Here's a joke I like. Did you hear about the contestant who went on a trip because he wanted a trip, so they made him? Wanted a trip can be taken to mean wanted to trip.
Take care and God bless

Probably not a good idea. He would most likely embarrass you on National TV he is pretty good at Improvising a little better than you I am guessing.

Amanda Hugnkiss · 10-16-2017, 07:02 PM

I'm pretty quick with ready responses when I want to be and could easily heckle him in a way that would come back to bite him if he played the person who can't say no game and he asked me what word I couldn't say. Another thing I would do would involve making choices with other contestants. For the spell a brand of a car to win it game, I'd probably say I want the number that the other contestant picked especially if it involved a letter I needed. Let's say that two people were playing for a Nissan and someone picked seven and there was an s behind it. I would tell Wayne when it's my turn that I'd like the number seven because then I'd have the other s. As far as the beat the dealer game goes, I would tell him I want B for Brady for my first choice and C for Cindy or G for Greg if I made it to another round which ever one's available. If C was available, I'd tell him I want C for Cindy because she's better looking. That's a tongue in cheek joke because Cindy was pretty much a little girl during the show, but kids are very precious. It's kinda like when Scarlett was on the show for the first time. She's not super model material like her mom is, but she's a darling.
Take care and God bless

10-14-2017, 02:37 PM	#1
Amanda Hugnkiss Member Forum Regular Join Date: May 02, 2017 Location: Florida Posts: 861	How do contestants get taxed on Let's Make a Deal for winnings? On some of the games and quickie deals, a person will get an amount in cash that's well over the taxable amount. How do they handle that so that tax payments for income get paid? If someone hands a contestant $500 for a quickie deal or if they play the game where a girl says her husband sounds like something and Wayne keeps handing the money over every time she guesses, that's taxable. Take care and God bless

10-14-2017, 03:11 PM	#2
Babalu Member Forum 4000 Club Member Join Date: Jun 22, 2014 Posts: 4,779	Contestant's are taxed on the value of what they win. If they win cash or prizes valued over $600 they receive an IRS form 1099 from the show which must be entered on their 1040. Very often contestants must sell the prizes they win in order to pay the tax, including cars.
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10-14-2017, 07:51 PM	#4
RetroGuy2000 Julie,Julie Anne,&Felice 4Ever Forum Star Join Date: Dec 27, 2013 Posts: 16,914	What's wrong with Alaska? I live in Arizona. During the summer, I want to be anywhere but Arizona. I'd take a cruise to Alaska. I'd like to see the midnight sun, and the towns up north. I'd like to see polar bears, seals, and whales.
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10-14-2017, 04:56 PM	#3
Amanda Hugnkiss Member Forum Regular Join Date: May 02, 2017 Location: Florida Posts: 861	Yes; but for boyfriend or husband sounds like a whatever game where Wayne will just hand them the cash from as he sometimes calls it, the money fairy, that's money right in their hands. Do they have to pay back a lot of it later when they get an audit? I know with that one in particular, Wayne will say they can keep their money or buy a curtain or something that has what could be a zonk or something valuable. I know I always go with door two when I play at home, and I'm always so upset when they have a stupid trip behind my door because trips are a waste. Once you get back, all you get are memories of a nice time. It's not like you can have them to keep. Sometimes it's to a place that would suck to even visit like Alaska.

10-14-2017, 10:05 PM	#5
Amanda Hugnkiss Member Forum Regular Join Date: May 02, 2017 Location: Florida Posts: 861	What's wrong with Alaska is that there's a 50% chance of going at a bad time. Winter time has nothing but night time year round while summer time has nothing but daylight round the clock. Unless you go during spring or fall, you'd be going at a time when it sucks.

10-14-2017, 10:58 PM	#6
RetroGuy2000 Julie,Julie Anne,&Felice 4Ever Forum Star Join Date: Dec 27, 2013 Posts: 16,914	"Sucks"? I visited Finland and Sweden during May-June 2001, and the Midnight Sun there was wonderful, even though I wasn't even above the Arctic Circle. I wish I had been able to spend more time there, not less. The sun being up means you can stay out and swim, stay up late and party, safely go boating, hike, bike, rock climb... and you have twice as much time to do it in. I've never been to Alaska, but I'd surely like to go in summer. I have been to Hawaii in the winter, and that is quite nice, too. Maui is beautiful, and the only thing I didn't like is that gas and milk are both $7.00 per gallon.

10-15-2017, 07:53 AM	#7
Amanda Hugnkiss Member Forum Regular Join Date: May 02, 2017 Location: Florida Posts: 861	I'm more of a person who likes living in the southern region like Florida. It's strange that I saw a trip to Orlando being offered on Price is Right because that's like a trip home for me. We're maybe 35 miles away from there. True, it can mean having to put up with nasty hurricanes at times; but there are shelters that can withstand mean storms. I remember living in Illinois for the longest time, and I was so thrilled when I finally got to move away. Take care and God bless

10-16-2017, 07:40 AM	#11
Amanda Hugnkiss Member Forum Regular Join Date: May 02, 2017 Location: Florida Posts: 861	It would be nice to go on the show once and heckle Wayne a bit and make jokes. Here's a joke I like. Did you hear about the contestant who went on a trip because he wanted a trip, so they made him? Wanted a trip can be taken to mean wanted to trip. Take care and God bless

10-16-2017, 07:02 PM	#13
Amanda Hugnkiss Member Forum Regular Join Date: May 02, 2017 Location: Florida Posts: 861	I'm pretty quick with ready responses when I want to be and could easily heckle him in a way that would come back to bite him if he played the person who can't say no game and he asked me what word I couldn't say. Another thing I would do would involve making choices with other contestants. For the spell a brand of a car to win it game, I'd probably say I want the number that the other contestant picked especially if it involved a letter I needed. Let's say that two people were playing for a Nissan and someone picked seven and there was an s behind it. I would tell Wayne when it's my turn that I'd like the number seven because then I'd have the other s. As far as the beat the dealer game goes, I would tell him I want B for Brady for my first choice and C for Cindy or G for Greg if I made it to another round which ever one's available. If C was available, I'd tell him I want C for Cindy because she's better looking. That's a tongue in cheek joke because Cindy was pretty much a little girl during the show, but kids are very precious. It's kinda like when Scarlett was on the show for the first time. She's not super model material like her mom is, but she's a darling. Take care and God bless