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If you’re a fan of one of TV’s longest running game shows, “The Price is Right,” and are patiently waiting your chance to attend a taping and rack of some free swag, you might want to pay closer attention to the fine print on your ticket.
[FLASHBACK: NeNe Leakes ‘Bombs’ On The Price Is Right… (VIDEO)]
While it’s not news that people pay taxes on winnings, there are a couple of reasons it can be more jarring on The Price Is Right.
A current contestant revealed her shocking experience after the show. And if you weren’t aware, Uncle Sam will want his cut, and if the prize is big enough, it could even bump you into a higher federal tax bracket, further chipping away at your win.
Contestant Andrea Schwartz found this out recently when she won $33,000 worth of prizes, including a shiny red Mazda 2 compact car, a pool table, and a shuffle board table:
“After the show, you fill out some paperwork and basically sign your life away. You say that you’re going to pay the taxes on it. If you win in California, you have to actually pay the California state income tax ahead of time.”
Schwartz’s car was shipped from Los Angeles to a dealer near her home in Reno, Nevada. Before she could claim it, she had to pay $2,500 in taxes.
Luckily, she had won $1,200 in cash playing the show’s Plinko game and also had some money in savings – but not all contestants have the resources to even collect their winnings.
“I think a lot of people don’t understand what they’re getting themselves into. They’re just like, ‘Oh my God, I’m going to win a bunch of stuff,’ and then they’re going to have to forfeit their prizes because they can’t afford to pay the taxes on them,” [Source]
Unknown to most, hell including me, winners could forfeit their winnings altogether do to logistical scenarios beyond ones control:
Another former winner explained that if you win a car, you’ll get a call to retrieve it sometime during the 90-day period after your show airs.
You only have 10 days to pick it up, and the dealer could be as far as 150 miles from your home address. If you can’t arrange the paperwork, tax payment, and pick up within that time, you will forfeit your booty.
Seems to me like if your waiting for your chance to “come on down,” and play the loveable TV show game, you better have money in escrow to properly take your winnings home.
Seems super shady… but Uncle Sam is gonna get it one way or the other!
What are your thoughts?
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