Sunday, February 5, 2012

What kind of taxes do game show winners pay? Such as Jeopardy?

The value of the prizes won is added to their other income. They receive a 1099-MISC that states the value of the prizes and that's what they pay the tax on.

Jeopardy tends to be mostly cash, but game shows like The Price is Right tend to give away merchandise mostly and those winners often have to sell much of their swag to pay the taxes.

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