If you win a million dollars on a game show, you do have to pay taxes on that? If you don’t pay the taxes, you could get in big trouble, like the “Survivor” TV show winner, Richard Hatch. He won a million dollars from a game show, and just didn’t pay the taxes on it. He was jailed. Don’t worry. You’ll handle things a lot smarter than Hatch.
- You will pay the taxes you owe on your million dollar game show winnings. You’ll receive a 1099 form from the game show company. This form will assign a value to your winnings. It must be filed with the Internal Revenue Service (IRS).
- Make a good guess that you might end up with only about $650,000 of the original million dollars you won from the game show. The million dollars will most likely be added to pump up the rest of your regular taxable income. This would undoubtedly put you in the highest tax bracket. The highest US tax bracket for 2010 is 35%. So, you can
- Get million dollar advice from a really savvy professional tax accountant. Of course, there are zillions of rules and a few loopholes exist when it comes to paying tax. Your circumstances could change the amount of tax you pay on a million dollars from a game show. Figure all of this out with your professional financial advisor. That way, you can pay the taxes you owe properly, and enjoy the rest of your winnings with no worries.
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