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Winning Free Trips
diva101
#1 Posted : Friday, November 8, 2013 2:05:20 PM(UTC)
diva101

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I just received an email stating that I am the winner of the Macy's & Helly Hansen Catwalk Contest. I have specifically won the Snow Catwalk Prize. The ARV is $6,000. I am estatic as I have never had a win anywhere this size! However, I do not think I can afford to pay taxes on this...Does anyone have any experience with this type of stuff?


 


I am going to ask them if there is a cash option. Though I don't think there is....They also want me to make my decision and send in all paperwork by this Monday.


 


If anyone has any advice on this type of situation I sure could use the help!!!

Good luck is a blessing from God..........
bevieann29
#2 Posted : Saturday, November 9, 2013 8:21:25 AM(UTC)
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You will get n 1099 tax form in the mail in Jan or Feb. to be filed with your taxes, if you get your prize by Dec 31 2013. If you don't get your prize until after the new year, then it will be the following Jan before you get the tax form. You have to claim your prize when you file your taxes. You may not owe tax on it at all. It will be added to how much income you recieved that year. If don't have to file taxes normally, you'll still need to claim your win and file your taxes and you still might not owe any taxes on it. It's also a possibility that the company will not send you an 1099 and decide to write it off. It's rare but it does happen. It's happen to me 1 time. I've had to file taxes on my wins since 2008, and it's been worth it every time. You can always call the person who does your taxes and ask them if the $ amount of your win would make much of a difference in your taxes. Also keep track of how much everything cost on your trip. They may have it way over rated and you can have them adjust the trip cost on your tax form. Congratulations on the wonderful win, I hope you decide to take the trip or be able to get cash for it. You're right, winning sweeps is a blesssing from God. He has blessed me many, many times. Good luck and God bless.

2 users thanked bevieann29 for this useful post.
diva101 on 11/15/2013(UTC), A1Galloway on 11/16/2013(UTC)
sandrabellomy1234567
#3 Posted : Friday, November 15, 2013 4:40:33 AM(UTC)
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The sponsor may let you adjust the prize.  You could ask if you could not get the ski clothes and the VIP event tickets or lift tickets.  this would reduce the total of your prize.  you only have to pay taxes on the part of the prize you receive.  that would be the price of the airline tickets, hotel room, transportation to and from the airport, etc.  they have estimated the price of those things because they will depend on where you are flying from and what hotel you will stay at.  the $6,000 is probably more than what your trip will actually cost.  i think you should go and have a good time and keep track of how much these things cost just in case the 1099 they send you is incorrect.

ohio
1 user thanked sandrabellomy1234567 for this useful post.
diva101 on 11/15/2013(UTC)
winter999
#4 Posted : Friday, November 15, 2013 6:23:54 AM(UTC)
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This is the reason I usually decline trips win I win one. I won a trip to New York


last summer and declined it. I also won one in 2011 and declined that one also.

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diva101 on 11/15/2013(UTC)
diva101
#5 Posted : Friday, November 15, 2013 7:01:39 AM(UTC)
diva101

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I actually ended up declining the prize. They didn't offer a cash option nor any assistance to help offset the taxes...Bummer!!
Good luck is a blessing from God..........
4youreyes
#6 Posted : Friday, November 22, 2013 9:24:36 AM(UTC)
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And thats why I don't enter for trips or cars.
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