The Game Show Forum
The Game Show Forum => The Big Board => Topic started by: J.R. on May 29, 2006, 12:07:39 PM
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No special reason why I want to know. I'm just simply curious...
If someone won the penny on DoND, will he or she really have to wait several weeks for a check worth one cent?
-Joe R.
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I would assume that Howie would give the contestant a penny right then and there, but I don't know for sure.
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[quote name=\'JRaygor\' post=\'119712\' date=\'May 29 2006, 09:07 AM\']
If someone won the penny on DoND, will he or she really have to wait several weeks for a check worth one cent?
[/quote]
I'm guessing almost certainly, for tax tracking reasons if absolutely nothing else. Unless they have some kind of special dispensation that classifies any prize under $10 or so as a gag gift, and therefore payable in cash or something.
Personally, I'd rather have a check. The novelty of a check for .01 is far more entertaining than the gumball a penny would get me.
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[quote name=\'clemon79\' post=\'119717\' date=\'May 29 2006, 01:10 PM\']
Personally, I'd rather have a check. The novelty of a check for .01 is far more entertaining than the gumball a penny would get me.
[/quote]
And everyone who visits you would say, "Hey! Look at the dumbass!"
That said, I'd rather have a check than the penny too.
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[quote name=\'Modor\' post=\'119720\' date=\'May 29 2006, 11:44 AM\']
And everyone who visits you would say, "Hey! Look at the dumbass!"
[/quote]
No, I'm guessing most of my friends would think it was pretty damn funny that I had enough sense of humor about the whole thing to frame the check and display it publically.
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[quote name=\'JRaygor\' post=\'119712\' date=\'May 29 2006, 12:07 PM\']
No special reason why I want to know. I'm just simply curious...
If someone won the penny on DoND, will he or she really have to wait several weeks for a check worth one cent?
-Joe R.
[/quote]
Although the novelty check would be pretty funny, isn't anything under $600 handled on the spot? I know that here in VA, the stores will give you a prize up to $600, although the higher amounts might be a money order.
Perhaps someone could explain that a little better.
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The IRS requires notification of any winnings over $600. This is why you can handle lottery wins up to $600 at your friendly neighborhood 7-11. It also explains why Oblivious only gave a max of $600 to contestants.
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[quote name=\'sshuffield70\' post=\'119743\' date=\'May 29 2006, 04:22 PM\']
The IRS requires notification of any winnings over $600. This is why you can handle lottery wins up to $600 at your friendly neighborhood 7-11. It also explains why Oblivious only gave a max of $600 to contestants.
[/quote]
Then how does Cash Cab work? I've seen wins of well over a thousand on that show.
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[quote name=\'whoserman\' post=\'119744\' date=\'May 29 2006, 07:29 PM\']
[quote name=\'sshuffield70\' post=\'119743\' date=\'May 29 2006, 04:22 PM\']
The IRS requires notification of any winnings over $600. This is why you can handle lottery wins up to $600 at your friendly neighborhood 7-11. It also explains why Oblivious only gave a max of $600 to contestants.
[/quote]
Then how does Cash Cab work? I've seen wins of well over a thousand on that show.
[/quote]
If people are receving more than whatever the IRS cut-off is, then you can be sure that they're signing forms afterwards off-camera. They may not even be leaving with cash on the spot, no matter how it might appear on the show.
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Ok, one last question. Is it up to $600, or under $600. Would a payoff of exactly $600 be IRS fodder?
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[quote name=\'whoserman\' post=\'119746\' date=\'May 29 2006, 07:41 PM\']
Ok, one last question. Is it up to $600, or under $600. Would a payoff of exactly $600 be IRS fodder?
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I'm not a lawyer, but I believe that payments worth exactly $600 need to be reported.
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[quote name=\'whoserman\' post=\'119746\' date=\'May 29 2006, 08:41 PM\']Ok, one last question. Is it up to $600, or under $600. Would a payoff of exactly $600 be IRS fodder?[/quote]
The latter. When you hit $600, the IRS must know about it.
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[quote name=\'hmtriplecrown\' post=\'119748\' date=\'May 29 2006, 08:14 PM\']
[quote name=\'whoserman\' post=\'119746\' date=\'May 29 2006, 08:41 PM\']Ok, one last question. Is it up to $600, or under $600. Would a payoff of exactly $600 be IRS fodder?[/quote]
The latter. When you hit $600, the IRS must know about it.
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The Missouri Lottery has the terminals set here to $599 or less. Anything over $599 has to be paid at the Lottery office for that very reason.
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[quote name=\'whoserman\' post=\'119746\' date=\'May 29 2006, 05:41 PM\'] Ok, one last question. Is it up to $600, or under $600. Would a payoff of exactly $600 be IRS fodder? [/quote]
Per the IRS instructions for Form 1099-MISC (page 3, look under Box 3, Other Income - see irs.gov), a payoff of $600 or more would be reported.
Putting my tax skills to good use on this forum. (:))