Won $25,000 Meridith Magazines!

ConGrAtUlAtIons!!! This should inspire all of us who work so hard everyday sweeping! Enjoy your money, you are very lucky!
 
When I won my $20,000 a sweeper friend who was retired from the IRS had me send in $8000 off the top to the IRS. She said they can charge interest. Be sure to check this out with a tax person. I got about $1000 back as a tax refund
Congrats!
 
I've been sweeping for over 15 yrs. and this is the first time I've seen a winner of one of the high dollar magazine sweeps.

It's probably be a good idea to contact an accountant to see if you'll be required to make 1 or more (or any) quarterly estimated tax payments. "Estimated tax is the method used to pay tax on income that is not subject to withholding". "This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards." (prizes and awards are the key trigger)

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes

Congats, and enjoy your windfall.

:)
 
Congrats!!!! This gives me hope for these sweeps. Can't imagine how many one minute videos you had to watch! Lol!!!
 
slgibbs1 said:
When I won my $20,000 a sweeper friend who was retired from the IRS had me send in $8000 off the top to the IRS. She said they can charge interest. Be sure to check this out with a tax person. I got about $1000 back as a tax refund
Congrats!
Click to expand...


slgibbs1 - do you file quarterly? Or just randomly sent them a check w/win info?
 
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