Use access key #2 to skip to page content.

wolfhounds (< 20)

CNBC weekly prizes and your wallet

Recs

4

May 12, 2008 – Comments (7) | RELATED TICKERS: CPST , SDTH , EMIS

You know the spiel, each weekly winner will be eligible for the big cash payoffs in the final round. It's those weekly non cash prizes, which in some cases are worth big bucks, that can blind side you come tax filing. Those prizes are taxed as "Other Income -Prizes"  at full retail price as if you purchased it. That means you'll federal and state income tax at your top marginal tax rate. If you win you may need cash from the final week.

7 Comments – Post Your Own

#1) On May 12, 2008 at 2:09 PM, madcowmonkey (< 20) wrote:

Yikes. I am not sure what cnbc and the weekly prizes are, but I never like to see the top marginal tax rate come into play.

Report this comment
#2) On May 12, 2008 at 2:19 PM, wolfhounds (< 20) wrote:

Some are very extravagent. Check out the website.

Report this comment
#3) On May 12, 2008 at 2:27 PM, Tastylunch (99.53) wrote:

this is only a problem if you win  :-)

Report this comment
#4) On May 12, 2008 at 2:31 PM, madcowmonkey (< 20) wrote:

Now I see what you are talking about. World series tickets? Nice. I missed an opportunity to go when the D backs won. Not a big fan, so no real loss. Some of the prizes could have a nice little tax chunk though. I see the dilemma, wish I had it:)

Report this comment
#5) On May 12, 2008 at 3:27 PM, abitare (99.59) wrote:

Squawk on the Street
Question: In his Trader Talk blog, Bob Pisani had one April entry entitled Hot Fertilizer. Name one of the stocks he discussed.
Answer: CF Industries

The Call
Question: On Monday, April 28, James Altucher of Formula Capital recommended which food-inflation trade to CNBC viewers?
Answer: Sadia

Power Lunch
Question: On April 25, Tech Check’s Jim Goldman blogged on Microsoft’s Yahoo bid. How did he describe Microsoft CEO Steve Ballmer’s rule?
Answer: iron-fisted

Report this comment
#6) On May 12, 2008 at 8:57 PM, wolfhounds (< 20) wrote:

Yo Tasty, this was intended for people who might win and can't afford the bite.

Report this comment
#7) On May 12, 2008 at 11:02 PM, Tastylunch (99.53) wrote:

I know wolfhounds, I was just making a wisecrack. Probably shouldn't have commented at all since i had nothing of value to add.

gl to you if you are participating. 

Report this comment

Featured Broker Partners