FLAVOROL - mike’s® Hard Lemonade Seltzer Backyard Sweepstakes

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patricia2250

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Hi,My granddaughter won this prize she is a single Mom & would like to know if anyone has won a $5000 and what taxes she will have to pay.TIA
Thank you for the e-mail. You have been selected as a potential winner in the mike’s® Hard Lemonade Seltzer Backyard Sweepstakes. Your prize consists of a complete Patio Movie System to include inflatable screen with built-in Ballast, air pump and anchoring kit, one (1) gas Firepit, one (1) premium Karaoke Party System, one (1) mike’s® Hard Lemonade Seltzer branded Cooler Speaker and one (1) mike’s® Hard Lemonade Seltzer branded Yard Game. Prize Valued at $4,983.98
 
depends on her tax bracket it is considered income if your state has income tax she will pay them something also
 
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Congrats on her win! She will get a 1099 form and tax would be a percentage of that number.
 
Have you call whom ever does her taxes or an accountant they can help her figure out roughly what the taxes will be in advance. I've done that before.
 
I really wish I could afford to upgrade. Honestly, I am a single mother and me and my child are dealing with recovering from domestic violence abuse and trauma that was caused by my son's father. I am unable to work because my child and I both attend therapy and counseling appointments every week. We are trying to recover from the trauma and abuse. While both of us are suffering from anxiety and PTSD.
 
patricia2250 said:
Hi,My granddaughter won this prize she is a single Mom & would like to know if anyone has won a $5000 and what taxes she will have to pay.TIA
Thank you for the e-mail. You have been selected as a potential winner in the mike’s® Hard Lemonade Seltzer Backyard Sweepstakes. Your prize consists of a complete Patio Movie System to include inflatable screen with built-in Ballast, air pump and anchoring kit, one (1) gas Firepit, one (1) premium Karaoke Party System, one (1) mike’s® Hard Lemonade Seltzer branded Cooler Speaker and one (1) mike’s® Hard Lemonade Seltzer branded Yard Game. Prize Valued at $4,983.98
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Congratulations, 🏆I am glad she was a winner. I hope she enjoys her prizes !!🎁
 
patricia2250 said:
Hi,My granddaughter won this prize she is a single Mom & would like to know if anyone has won a $5000 and what taxes she will have to pay.TIA
Thank you for the e-mail. You have been selected as a potential winner in the mike’s® Hard Lemonade Seltzer Backyard Sweepstakes. Your prize consists of a complete Patio Movie System to include inflatable screen with built-in Ballast, air pump and anchoring kit, one (1) gas Firepit, one (1) premium Karaoke Party System, one (1) mike’s® Hard Lemonade Seltzer branded Cooler Speaker and one (1) mike’s® Hard Lemonade Seltzer branded Yard Game. Prize Valued at $4,983.98
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I won $10K last july & I pd like $2k..however they sent me the wrong 1099. I had to revise my taxes & should get some of it back. She needs to get a 1099 MISC. for next yrs filing.
 
Congrats!! I’ve won big prizes and they add the total to your income for the year and tax it. I’d say definitely plan on $1500 to be safe see ding on her current tax bracket.
 
Congratulations! Has she asked for a cash option instead of the prizes? Sometimes sponsors offer it. If the prizes aren’t something she can use she might ask. Taxes will depend on her tax bracket.
 
Congrats on the win. Haven't won big yet, but I have money set aside in case just for taxes or other emergencies.
 
thats awesome ! I won $2k in gift cards from mikes last year but I havent filed yet lol I filed an extension. but congrats !
 
patricia2250 said:
Hi,My granddaughter won this prize she is a single Mom & would like to know if anyone has won a $5000 and what taxes she will have to pay.TIA
Thank you for the e-mail. You have been selected as a potential winner in the mike’s® Hard Lemonade Seltzer Backyard Sweepstakes. Your prize consists of a complete Patio Movie System to include inflatable screen with built-in Ballast, air pump and anchoring kit, one (1) gas Firepit, one (1) premium Karaoke Party System, one (1) mike’s® Hard Lemonade Seltzer branded Cooler Speaker and one (1) mike’s® Hard Lemonade Seltzer branded Yard Game. Prize Valued at $4,983.98
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It depends on how much she is making at her work - if she is working. Caution: If she is collecting snap benefits, etc this will affect them and probably terminate them. If she is low enough income it probably won't affect her federal and state taxes much - and any liability may be offset with the child credit. Congrats to her on winning!
 
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