G-D IRS, I hate them

Discussion in 'The Lounge' started by JCBRAVE, Mar 30, 2011.

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  1. JCBRAVE

    JCBRAVE goTitans 2019 Survivor Champion

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    Okay so like the title says, I hate the IRS. I went and had my 2010 taxes done yesterday, and apparently when you win money, you're responsible for the taxes due. I kinda knew that upon accepting the prize, but geez. Those no good rat b@$turds want $5000 in taxes. Sure they have a right to it, but I don't have $5000 to flush down the toilet, and even worse, if I don't pay by April 18th, what's owed incurs interest!

    I won $30,000 on a radio contest last summer, I didn't earn $30,000 therefor I feel like this is absolute Bull Crap! And it isn't like they handed me a check for winning, it all came in gift card form.

    Any advice?
     
    #1 JCBRAVE, Mar 30, 2011
  4. RavensShallBurn

    RavensShallBurn Ruck the Favens

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    That's awesome that you won $30,000.

    Unfortunately, I have no idea how to help... as I'm still a noob with taxes.
     
    #2 RavensShallBurn, Mar 30, 2011
  7. SawdustMan

    SawdustMan #ChampChamp

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    First off, I'm no expert. But it sounds like you already know you're responsible for the taxes and are just venting. I'm pretty sure all/most forms of income (whether earned or not) are taxable. If you win the lottery, you pay taxes on it. If you are the recipient of an estate, you pay taxes on it.

    I do think it's lame that you got this prize in gift card form though and are now having to pay cash out of pocket. So I feel for you there. Out of curiosity, if you don't mind me asking, what kind of gift cards were these? Random gift cards to different stores? Those prepaid Visa gift cards?


    As for actual advice, all I can say is contact a tax expert. But I have a feeling you're not going to get out of paying the 5 g's. Perhaps at the very least you could get some kind of extension to avoid the interest.
     
    #3 SawdustMan, Mar 30, 2011
  10. CRUDS

    CRUDS Moderator Staff

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    Anything over $600 has to be reported and they take a good chunk.
    Best to set aside half of any winnings just to cover taxes - which is like losing at the same time of winning. At least that money will go to good use killin folks overseas or paying for $900 lug nuts.
     
    #4 CRUDS, Mar 30, 2011
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  13. Hoffa

    Hoffa Freak you you freakin' freak

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    Not to mention paying for the healthcare of babies born to illegal aliens...
    But don't worry, they're going to hire more IRS folks to make sure us legals are buying health insurance...
     
    #5 Hoffa, Mar 30, 2011
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  16. JCBRAVE

    JCBRAVE goTitans 2019 Survivor Champion

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    The contest was for a "Dream Wedding". The radio station provided you with vouchers and gift cards for the venue, the rehearsal dinner, the florist, the wedding dress, the entertainment, the cake etc etc. But I haven't and wont be using all the $30,000 worth of cards... I'm only using about half of it because the vendors in their network of places I can use are waaaaaaaaaay too pricey. I've got $2000 towards a particular photographer, but their wedding packages are $7000!! I actually ended up getting the photographer that Bam Margera, the Jack@$$ guy used, which is kind of cool. The wedding is this June, and I'm not getting married just because I won this thing, a lot of people assume that. I entered the contest knowing I would be married, but thought some prizes would make things easier. So far I've come out of pocket close to $10000 because of the insane costs some of these places want. It's just frustrating that I won this and now have to shell out more money, money that's now tied into this wedding.
     
    #6 JCBRAVE, Mar 30, 2011
  19. SawdustMan

    SawdustMan #ChampChamp

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    Yeah man, that's pretty crappy. I was going to say if you got $30,000 in prepaid Visas I have zero sympathy for you. But it really sucks that you're going to end up paying taxes on $30,000 when you only really used about 15. I'd definitely talk to an expert. And I'm not talking about a random employee at H&R Block (not that they aren't knowledgeable). Maybe there's some way around it since they were gift cards and so much of it is going unused. I wouldn't get my hopes up, but I'd definitely exhaust all my options before handing over $5000 to the IRS.
     
    #7 SawdustMan, Mar 30, 2011
  22. Finnegan2win

    Finnegan2win hopesfall2win

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    I thought they took the taxes out before they paid you? ... Like, instead of getting a $30k check you'd get a $25k check.. thought that's how it worked..
     
    #8 Finnegan2win, Mar 30, 2011
  25. JCBRAVE

    JCBRAVE goTitans 2019 Survivor Champion

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    Maybe if it were a check, but it was vouchers and gift cards.

    After leaving the accountants office, I went to get a Power ball ticket LOL. Maybe I can win that too :).
     
    #9 JCBRAVE, Mar 30, 2011
  28. World Peace

    World Peace Nephew Gunner

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    Sup my man? i actually won a "jackpot" one time in a casino. The bad beat jackpot in a poker room. It was a 5 figure amount so I was in the same boat as you. Grit your teeth and pay the Piper. 5k for a wedding isn't bad. Since the womans parents are supposed to pay for the wedding anyways... Maybe you could nudge her to have her parents cut you a check! Other than that.. Two things are certain, death and taxes.
     
    #10 World Peace, Mar 30, 2011
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