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SweepstakesToday Forums  »  Question of the Month  »  Question of the Month  »  I need help with taxes!!
I need help with taxes!!
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meganne23
#1 Posted : Tuesday, October 21, 2014 3:46:07 AM(UTC)
meganne23

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I was just notified that I was a GP winner from a gerber sweepstakes. I won 50k college life plan and a check for 20k to help with taxes.  the 1099 will be for 70k. But really the 50k college plan isnt worth that until 10 years from now. They said if I cashed it in 5 years early it would be worth 20k. anyone with some tax advice on this? can I pay on the 50k each year as the value grows?
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tuffie2
#2 Posted : Tuesday, October 21, 2014 3:49:43 AM(UTC)
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Wow, what a great prize! You need to contact a tax professional or accountant, or give a call to the IRS on this one.. I am still stunned by this unbeleivable win for you.. Evie
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SeesTheDay2
#3 Posted : Tuesday, October 21, 2014 3:51:29 AM(UTC)
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Holy Cow!!!! Congrats!!!! And yes...call a tax professional! WoW! What a GP!!!
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marli23514
#4 Posted : Tuesday, October 21, 2014 7:09:11 AM(UTC)
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Definitely tax preparer would be in your best interest.

Positive emotions enhance your life. Negative emotions sabotage your life
Dr T.P.Chia












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kickstand1
#5 Posted : Tuesday, October 21, 2014 9:26:17 AM(UTC)
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congratulations on your win!  get a professional tax opinion ASAP!!

What a Great Day!

Member of $10,000 Club since October 2009
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summerstorm59
#6 Posted : Tuesday, October 21, 2014 9:51:46 AM(UTC)
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W2G!!  what a great win,i can't give you any help haven't won a prize that big yet.

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curmudgeon2
#7 Posted : Tuesday, October 21, 2014 10:22:27 AM(UTC)
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Wow!


Big congrats.


Not just any tax professional, you need an experienced CPA who specialzes in tax laws.  Pesonally, I wouldn't hire one of the firms that advertise around tax time.  Many of those places hire and train non-professionals who have limited experience and education.


"Only those who will risk going too far can possibly find out how far one can go."

T. S. Eliot
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mrsweepy
#8 Posted : Tuesday, October 21, 2014 12:00:35 PM(UTC)
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meganne23;181862 wrote:


I was just notified that I was a GP winner from a gerber sweepstakes. I won 50k college life plan and a check for 20k to help with taxes.  the 1099 will be for 70k. But really the 50k college plan isnt worth that until 10 years from now. They said if I cashed it in 5 years early it would be worth 20k. anyone with some tax advice on this? can I pay on the 50k each year as the value grows?



Wow! I don't recall reading about this win.  Cool.


I would contact a professional as everyone else suggest.  However i would ask this question. - Can I consider the $50K College plan as a Fair Market Value (FMV)?  The reason for this question is the current value of the prize is 1/10 the stated value of the prize on the 1099.  Thereby the second year on should have a lower tax rate value to you.  I don't know the answer to this but I have on two wins done a FMV on prize to pay less.


The other thing you can do, is to ask the IRS directly.  I went to the local office twice with my 1099 questions.  The good thing about this is they keep a record of the visit and you can get the person's name and ID number. 


Congrats on the win again,


Mr. Sweepy


 
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philomena
#9 Posted : Tuesday, October 21, 2014 12:36:47 PM(UTC)
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WOW Congratulations. Agree call tax professional.
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meganne23
#10 Posted : Tuesday, October 21, 2014 1:37:16 PM(UTC)
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Thanks you guys, I will contact a tax professional as soon as I get all my paperwork. I will do an update when I get more information.
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rpkn2131
#11 Posted : Tuesday, October 21, 2014 10:33:15 PM(UTC)
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CONGRATS! What an awesome prize. Hope it all works out for you!   Beth
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diva101
#12 Posted : Wednesday, October 22, 2014 12:32:48 PM(UTC)
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Congrats!!!

Good luck is a blessing from God..........
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