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Post by woffan4ever on Sept 18, 2013 11:30:52 GMT -5
Hey guys! I have to give my first speech for my college Basic Public Speaking Class next week, and I have chosen to talk about how people many times fail to realize how much in taxes is taken out in game show winnings. My focus is going to be on Wheel. What I was needing to know, especially from former players, is about how long it took for your money/prizes to get to you; how much in taxes did you have to pay; things along that line. I know that if you win the million, you can get it in a 20 year annuity or a $660k lump sum. Thanks for any help you can give me!
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WooWho
Made It and Played It Producer
Panel Quizmaster
"They better NOT be booing me!"
Posts: 2,537
Airdate: 04/28/2014
Winnings: $41,400
SPIN ID: JW1336114
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Post by WooWho on Sept 18, 2013 17:51:29 GMT -5
Well, it's not Wheel, but will "Price" and Jeopardy do?
There wasn't much to Jeopardy other than the fact that they withheld taxes from my $2,000 winnings, and just sent me a check for the post-tax amount ($1,860). You can do the math there. Don't remember when the check arrived, but it wasn't too long after the airdate.
For Price, it was a little more complicated due to all the stuff I won...
--My winning total, as advertised on the show, was $34,021. --I forfeited the private jet flight I won; therefore, I didn't accept the tax liability for that prize (or, for that matter, the prize itself). --Most of the stuff in my showcase was ultimately converted to cash. I didn't have a choice, they just said I'm getting cash for x, y, and z. --My total tax liability at this point is $9,021. From here... --...~$6,500 or so of that money was cash, so they taxed me 7% (CA state taxes) on the full total ($9K+) and withheld it from my cash winnings. So my check was for a little less than six grand, and it arrived close to that 120-day period they tell you about. --I accepted two physical prizes, a TV and a chair. From here, it's up to the individual prize manufacturers to ship you the prize. My TV actually arrived about a week and a half BEFORE my show aired (which led to me awkwardly explaining to my roommate why I was suddenly getting a TV). --I think the chair arrived about a week after my show aired. --Come tax day, since I'm not a CA resident, I had to pay Louisiana state taxes AND federal taxes. I don't know the percentage (and it probably varies from person to person), but it wasn't more than $350 total.
Hope this helps! Let me know if you need anything else from me.
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WooWho
Made It and Played It Producer
Panel Quizmaster
"They better NOT be booing me!"
Posts: 2,537
Airdate: 04/28/2014
Winnings: $41,400
SPIN ID: JW1336114
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Post by WooWho on Sept 19, 2013 18:08:37 GMT -5
Oh yeah...tape and airdate spreads might be helpful.
Jeopardy!: VTR 8/26/03, air 9/26/03 TPIR: VTR 11/10/09, air 1/20/10
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jmdarrall
Made It and Played It
Waited 30 years for this moment! Thanks, Wheel!
Posts: 446
Airdate: 04/25/13
Winnings: $17,250
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Post by jmdarrall on Sept 19, 2013 21:23:06 GMT -5
Here's my experience from Wheel.
- All my winnings were in cash. My score was $17,250, but I got a check for $16,042 around August 25, exactly 4 months after my airdate. - The check had 7% CA tax taken off the top, and I have California tax documentation. - I'm a resident of SC, so I will have to pay that state's taxes and federal taxes. I may, however, be able to claim an out-of-state tax credit on my SC state return, reducing the tax burden. - I don't know how much I'm going to pay on my winnings, since my wages from my job usually withhold more in taxes than I really owe. This could offset the tax burden on my winnings, but I estimate it to be around $5,000 or $6,000 (worst case scenario). - Contestant coordinators on game shows, including "Wheel," give information about taxation, but it's a little vague. They advise all contestants to save half of their winnings, since that's the most the Feds can take, and that's only if you win a lot. - Any non-cash prizes are taxed based on fair market value, which may or may not be the advertised price on the show.
If there's anything else you need, please PM me.
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Post by woffan4ever on Sept 30, 2013 10:59:27 GMT -5
Thanks so much, guys, for all of your help! It was very useful. I give me speech today at 1, CST. Wish me luck!
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Post by BrainBoggler on Sept 30, 2013 16:49:57 GMT -5
I hope it well, Dylan -- would have been interesting to hear it.
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Post by woffan4ever on Oct 1, 2013 19:10:55 GMT -5
Actually, it was delayed until tomorrow. The professor had a meeting, and I was upset because I was all poised and ready to give my speech and then I couldn't give it, so I now I have to prepare all over again... -_-
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job41475
Made It and Played It
Posts: 89
Airdate: 01/28/19
Winnings: $16,800
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Post by job41475 on Oct 8, 2013 9:37:57 GMT -5
I am very late to this but you get your cash from WOF 120 days after your show airs. The trip we were allowed to book right after the show aired.
For "Millionaire", I got my payment less then 3 weeks after it aired as the "B" show. My episode hasn't officially aired yet as the main show but has been on tv so i got the $$$.
For WOF, they took out California state tax but we are responsible for Federal. For "Millionaire" they didn't take out any taxes.
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Post by woffan4ever on Oct 8, 2013 17:34:59 GMT -5
My speech went well. Gave it this past Monday. I was pleased with how it went. I hope I made a good grade. Thanks to everyone for all of your help!
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