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Discussion » Statements » Rosie's Corner » First VAX A MILLION winner announced in Ohio! First free 4-year ride to college won by a 14 year old! YOU GO MIKE! OK?

First VAX A MILLION winner announced in Ohio! First free 4-year ride to college won by a 14 year old! YOU GO MIKE! OK?

Show 'em how it's done. Meet people WHERE THEY ARE. Good job.

Posted - May 27, 2021

Responses


  • 6023
    Unless they change the tax laws, the kid is in for a rude awakening.
    Unfortunately, it's not as "free" as it sounds.
    All "winnings" are taxable income. So unlike a gift, scholarship, or loan - the recipient will have to pay taxes on it, the year it is awarded.

    Sort of like all those people who won cars on Oprah's show.
    Most of them had to sell the cars, to pay the tax bill they received based on the value of the vehicle.
      May 27, 2021 11:50 AM MDT
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  • 113301
    Wow! Are you kidding me? That is a rhetorical question. You never joke. Wow! So Oprah didn't pay the taxes on the cars she gave away? Wow! Who knew? Wow. I know I'm wowing way too much but well I didn't know and now I do and I'm WOWED! How do people find that out? After the fact when it's way too late? Thank you for your reply Walt. Hopefully no one ever gifts Jim or me with something way valuable! We couldn't afford it! :)
      May 27, 2021 12:07 PM MDT
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  • 6023

    It's a great government scam.
    If Oprah bought the cars - she had to pay tax.
       (I don't know if they were donated as prizes, or not.)

    When the winner received the vehicle - they had to also pay taxes, because it was a "winning".

    You are allowed to receive a certain amount in gifts (I believe up to $20k) - but it has to be from family, I think.
    But winnings are always taxable.  Doesn't matter if it's from the lottery, a game show, or a church raffle.
    The government figures your "personal wealth" increased, so they should get some of it.

      May 27, 2021 12:18 PM MDT
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  • 113301
    They never tell you that of course but still aren't you ahead even so Walt? Also I wonder if they are obliged to inform you of that before you take possession of it? It seems to me that should be mandatory. I don't know if Oprah bought the cars or the manufacturer donated them to get the publicity. Which brings something up I hadn't thought about before. How is double taxing of the same legal? Does it happen all the time? Now there's a SCAM if ever there were one. I think if you win over $1000 of something it is automatically reported in Vegas or wherever. Maybe it's $1100. So if you hit it "big" and win a couple hundred bucks no one is going to dog you for taxes. At least it used to be that way years ago. Anyway I like Mike DeWine and how he thinks. Maybe he'll pay the taxes? Thank you for your reply and Happy Friday to thee and thine! :)
      May 28, 2021 2:43 AM MDT
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  • 19937
    I understand, but the fact is that even if the kid has to pay 50% in taxes, he's still $500K ahead of the game which he can use towards college.
      May 27, 2021 12:37 PM MDT
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  • 6023
    So he is awarded $1 million - not a "free ride" for 4 years of college?
    That is different.  
    Then it's just like a lottery, and they take the taxes up front.
    Now all he has to do is hire a financial advisor.

      May 27, 2021 1:23 PM MDT
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  • 19937
    This was just on the news.  There is a young woman who won a million and the boy won a free four-year ride to college.  The same person did not win both.
      May 27, 2021 5:25 PM MDT
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  • 113301
    :):):)
      May 28, 2021 2:44 AM MDT
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  • 113301
    :):):)
      May 28, 2021 2:44 AM MDT
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