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.
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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.”