Follow us on...
Follow us on Twitter Follow us on Facebook Watch us on YouTube
Results 1 to 3 of 3
  1. #1
    Martha! Number 47's Avatar
    Join Date
    Last Online

    10.22.16 @ 04:18 AM
    Liked 3,453 Times in 1,783 Posts

    Premium Member

    The Price Is Right ... and the Taxes Are High

    Not sure why after forty years on the air, a story like this is making the rounds on a lot the news outlets. Could be that Andrea Schwartz just wants to extend her fifteen minutes of fame a bit longer, who knows? Taxes on game show prizes are a known fact of life, especially TPIR taxes... or at least I always knew that.

    The Price Is Right ... and the Taxes Are High

    There is no such thing as a free lunch ... or an all-expenses paid trip to Acapulco. That's what "The Price Is Right" contestant Andrea Schwartz found out when she scored $33,000 worth of prizes, including a shiny red Mazda 2 compact car, a pool table, and a shuffle board table, on the popular television game show.

    Schwartz told Yahoo! Shine that contestants won't quite know what hit them if they make it on to the show. "It's a whirlwind, they kind of shove you around, and then you are suddenly in the parking lot, saying, 'I just played Plinko.'" You may not be prepared for the hefty taxes you'll owe before picking up your prize, either.

    "Yeah, you don't just drive off the back lot with the car like I thought the entire time I was growing up," Schwartz said in a recent interview with the A.V. Club. "After the show, you fill out some paperwork and basically sign your life away. You say that you're going to pay the taxes on it. If you win in California, you have to actually pay the California state income tax ahead of time." Uncle Sam will want his cut as well, and if the prize is big enough, it could even bump you into a higher federal tax bracket, further chipping away at your win.

    While it's not news that people pay taxes on winnings, there are a couple of reasons it can be more jarring on The Price Is Right. You aren't guaranteed to be a contestant–you're sitting in the audience one minute, and then the next, you're playing for the showcase. Plus, the show awards trips and products that you may not be interested in. That $5,000 BBQ? You don't need it, and might not pay as much for it on the open market if you did—but you're still on the hook for taxes on the full retail value.

    Schwartz's car was shipped from Los Angeles to a dealer near her home in Reno, Nevada. Before she could claim it, she had to pay $2,500 in taxes. Luckily, she had won $1,200 in cash playing the show's Plinko game and also had some money in savings – but not all contestants have the resources to even collect their winnings. "I think a lot of people don't understand what they're getting themselves into. They're just like, 'Oh my God, I'm going to win a bunch of stuff,' and then they're going to have to forfeit their prizes because they can't afford to pay the taxes on them," she said. Yahoo! Shine could not reach the program for comment.

    Another former winner explained on Aurora's Blog that if you win a car, you'll get a call to retrieve it sometime during the 90-day period after your show airs. You only have 10 days to pick it up, and the dealer could be as far as 150 miles from your home address. If you can't arrange the paperwork, tax payment, and pick up within that time, you will forfeit your booty.

    As for Schwartz's other prizes, the pool table and shuffle board table were worth an estimated $14,000, but Schwartz sold them for $4,500 on Craigslist because they were too big to fit into her small apartment. "I took a bite on that one," she said. Because the game show will only deliver to the winner's home address, if a prize (say, the ever-popular bedroom set) is too large, the winner will have to pay for shipping to an alternate location. Schwartz was fortunate that the vendor agreed to store the items for the couple of months it took her to unload them.

    Wondering why Schwartz and other contestants don't take the cash value instead of the prizes? "There is no cash value option," explained Aurora's Blog. "They make it super clear in all of the paperwork – you take exactly what you won, or you take nothing."

    And what about that trip to sunny Acapulco? The tickets are nontransferable, so there is no way to sell it. You had better just kick back and enjoy the beach ... after springing for the sales and income taxes, of course.

    Schwartz says she's a long-time fan of the show and would be happy to be a contestant again. She adds she was fortunate to win a small car and other fairly high-quality, relatively salable items. "If I had won the other showcase, it would have been trips, a refrigerator, and a stove," she told Yahoo! Shine. Ultimately, she invested the money she earned from selling her winnings into a food truck business called the Souper Wagon. Even contestants who wind up winning cash prizes don't always benefit though, thanks to their own personal issues. According to ABC, one winner even turned down an actual cash prize of $10,000 since he didn't want to split it with his ex-wife.

    What Happens When You Win 'The Price Is Right'>>>

  2. #2
    Martha! Number 47's Avatar
    Join Date
    Last Online

    10.22.16 @ 04:18 AM
    Liked 3,453 Times in 1,783 Posts

    Premium Member

    Well! since there's a Price Is Right Thread now...

    Love this story

    'Injured' postal worker busted for fraud after appearance on 'Price is Right'

    Come on down -- and fess up.

    A former postal carrier in North Carolina will have to pay the price after her appearance on "The Price is Right" game show revealed she was fully capable of spinning the wheel, despite claiming she couldn't lift mail trays.

    Cathy Wrench Cashwell pleaded guilty to fraud in federal court Monday, reports. Cashwell had been collecting worker's compensation payments since injuring herself on the job in 2004.

    In worker's compensation paperwork filed in September 2011, Cashwell claimed the shoulder injury left her unable to sit, stand, kneel, squat, climb, bend, reach or grasp, according to federal investigators.

    However, Cashwell was able to reach up and spin the famous "big wheel" on "The Price is Right" not once, but twice, during her 2009 appearance on the TV show.

    Cashwell "raised her left arm above her head and gripped the handle with her left hand," according to an indictment filed in September 2012. During her second spin, Cashwell "raised both arms above her head and gripped the same handle with both hands."

    Cashwell also allegedly went ziplining while on vacation in August 2010.

    Cashwell declined to comment. Her sentencing is scheduled for September.

  3. #3
    Master Bluesman Elwood P.'s Avatar
    Join Date
    1060 W. Addison, Chicago
    Favorite VH Album

    Favorite VH Song

    Sensible Shoes
    Last Online

    10.22.16 @ 08:10 AM
    Liked 652 Times in 458 Posts

    Premium Member


    Quote Originally Posted by Number 47 View Post
    According to ABC, one winner even turned down an actual cash prize of $10,000 since he didn't want to split it with his ex-wife.
    Now that's a Love story!
    "I'm the opposite of Bill Cosby. Diamond Dave always gets your approval." (DLR)

    "Kids, just say NO to marriage". (Al Bundy)

    Rawhide in "A"




Similar Threads

  1. Taxes
    By ZeoBandit in forum VH Fans Meeting Place (Non-Music)
    Replies: 18
    Last Post: 05.05.10, 02:47 PM
  2. Taxes
    By billy007 in forum VH Fans Meeting Place (Non-Music)
    Replies: 11
    Last Post: 02.01.09, 09:56 AM
  3. So, who's an expert on Taxes?
    By valdez44 in forum VH Fans Meeting Place (Non-Music)
    Replies: 34
    Last Post: 06.01.06, 04:56 AM
  4. I need help! Anyone know about Inheritance taxes???
    By msr316 in forum VH Fans Meeting Place (Non-Music)
    Replies: 4
    Last Post: 03.14.05, 03:27 AM
  5. Get Those Taxes Done Early
    By hellohawk in forum Main VH Discussion
    Replies: 5
    Last Post: 01.02.01, 07:48 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts