Jenna, please look into the Fab Over 40 small print. I knew you'd be 1099'd on the $40k, but had no idea that there were more pieces. Copied from FB:
Hi Ladies, this is important to look into and understand. I'm in the quarter-finals, however, I started thinking about what is keeping others from just buying their way to winning. Then I re…
Jenna, please look into the Fab Over 40 small print. I knew you'd be 1099'd on the $40k, but had no idea that there were more pieces. Copied from FB:
Hi Ladies, this is important to look into and understand. I'm in the quarter-finals, however, I started thinking about what is keeping others from just buying their way to winning. Then I remembered when I won a vacation the amount I ended up paying in taxes because I was 1099'd for it. I reached out to the FabOver40 support contacts and asked what amount the winner will be 1099'd for taxes. You would have to claim this amount as income earned. they wouldn't give me a direct answer and would just copy and paste parts of the rules and sent them back to me. When I asked more questions, they stopped responding completely to me. This is what they responded with when asked.
"To the extent that any United States federal and/or state income or other taxes apply to the value of the prize(s) and/or award(s) provided to the Grand Prize Winner, the Grand Prize Winner shall be solely responsible for the reporting and payment of such taxes. Actual/appraised value may differ from the ARV at time of Grand Prize award. Grand Prize Winner will not receive the difference between the actual value of the Grand Prize or any Grand Prize component and the ARV of such Grand Prize or Grand Prize component."
This is what they are claiming the prize worth which you would be 1099'd:
"Prize package valued at an approximate retail value (ARV) of $125,000.00, comprised of (a) $40,000.00 cash/check honorarium; (b) the $75,000.00 estimated value of being photographed to appear on the cover of, and in an interior feature spread in, NewBeauty magazine; and (c) travel and hotel accommodations for a minimum 4-day/3-night Arizona "Spa-cation" from January 2nd - January 5th, 2025 for the Grand Prize Winner and one (1) guest, valued at approximately $10,000.00 (the “Grand Prize”).
You guys, you will need to claim $125,000 in taxes that you will need to claim and pay back in taxes if you win. I reached out to my Tax Advisor and they said it doesn't make sense on why they would 1099'd you $75,000 for the photo shoot and being on the cover the NewBeauty, but it's just another tax right off for them. He said I might need to pay back up to 50% of that back in taxes. I don't have $62,000 do you? You would need to claim $125,000 over what you all ready earn as income which also puts you in an much higher tax bracket.
If this is all wrong, help me understand, because they won't. I want to be safe and you all also to be safe.
What you would be assessed in taxes and prosecuted for refusing to pay depends--entirely--on "which IRS" shows up: the robo-dog of Wallace & Gromit's (& Joebiden's) _A Close Shave_ or the same robo-dog AFTER it goes through Trump's dog-food machine.
Jenna, please look into the Fab Over 40 small print. I knew you'd be 1099'd on the $40k, but had no idea that there were more pieces. Copied from FB:
Hi Ladies, this is important to look into and understand. I'm in the quarter-finals, however, I started thinking about what is keeping others from just buying their way to winning. Then I remembered when I won a vacation the amount I ended up paying in taxes because I was 1099'd for it. I reached out to the FabOver40 support contacts and asked what amount the winner will be 1099'd for taxes. You would have to claim this amount as income earned. they wouldn't give me a direct answer and would just copy and paste parts of the rules and sent them back to me. When I asked more questions, they stopped responding completely to me. This is what they responded with when asked.
"To the extent that any United States federal and/or state income or other taxes apply to the value of the prize(s) and/or award(s) provided to the Grand Prize Winner, the Grand Prize Winner shall be solely responsible for the reporting and payment of such taxes. Actual/appraised value may differ from the ARV at time of Grand Prize award. Grand Prize Winner will not receive the difference between the actual value of the Grand Prize or any Grand Prize component and the ARV of such Grand Prize or Grand Prize component."
This is what they are claiming the prize worth which you would be 1099'd:
"Prize package valued at an approximate retail value (ARV) of $125,000.00, comprised of (a) $40,000.00 cash/check honorarium; (b) the $75,000.00 estimated value of being photographed to appear on the cover of, and in an interior feature spread in, NewBeauty magazine; and (c) travel and hotel accommodations for a minimum 4-day/3-night Arizona "Spa-cation" from January 2nd - January 5th, 2025 for the Grand Prize Winner and one (1) guest, valued at approximately $10,000.00 (the “Grand Prize”).
You guys, you will need to claim $125,000 in taxes that you will need to claim and pay back in taxes if you win. I reached out to my Tax Advisor and they said it doesn't make sense on why they would 1099'd you $75,000 for the photo shoot and being on the cover the NewBeauty, but it's just another tax right off for them. He said I might need to pay back up to 50% of that back in taxes. I don't have $62,000 do you? You would need to claim $125,000 over what you all ready earn as income which also puts you in an much higher tax bracket.
If this is all wrong, help me understand, because they won't. I want to be safe and you all also to be safe.
Holy crap that is BANANAS and thanks for looking into that! Why is everything a scam anyway? 😭🤬
What you would be assessed in taxes and prosecuted for refusing to pay depends--entirely--on "which IRS" shows up: the robo-dog of Wallace & Gromit's (& Joebiden's) _A Close Shave_ or the same robo-dog AFTER it goes through Trump's dog-food machine.