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Old 01-05-2013, 12:45 PM   #346
momto3gr8boys
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Quote:
Originally Posted by cristen72

This is our situation as well. Both of our trips were at value resorts. Even estimating $1800 in taxes is scary to me. That's more than we spent in September for 5 nights at AoA including park tickets.

We drove to WDW both years. I thought about driving again if we won instead of flying. If we don't use the flights that would bring the cost of the prize down, in turn reducing the taxes.

And I'm confused about the taxes a bit. (Forgive me, I've never won anything!) Do you actually have to PAY the taxes (like write a check to the goverment or have the tax amount deducted from your refund) or are you actually just adding the tax value to your total income for the year?

I realize you're going to pay a tax regardless but I'm just not quite clear on the "how" part.
The amount of the trip (let's say $6,000) gets added to your total income. So if you make $50,000 a year, the year you won you would have "made" $56,000. So you aren't essentially paying out of pocket and depending on your deductions, income, etc it can vary greatly.
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Old 01-05-2013, 12:47 PM   #347
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Yes, you pay the taxes for the year you take the trip. You also can keep track of airfare and discounts at the resorts and ask for a revised 1099 if you could have booked the same trip cheaper.

I "saved the offer" for the same vacation that we took on the WDW website and then printed the reservation confirmation as proof of what I could have booked the resort forour dates at a lower price than they put on the 1099.

Does that make sense? You can dispute the 1099 if you can prove you could have booked the same trip for less.
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Old 01-05-2013, 12:50 PM   #348
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I wonder if there will be black out dates. I would love to take my family during the Christmas in the event of winning. Not during actual Christmas but after the decorations are put up.
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Old 01-05-2013, 12:53 PM   #349
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Quote:
Originally Posted by cristen72

This is our situation as well. Both of our trips were at value resorts. Even estimating $1800 in taxes is scary to me. That's more than we spent in September for 5 nights at AoA including park tickets.

We drove to WDW both years. I thought about driving again if we won instead of flying. If we don't use the flights that would bring the cost of the prize down, in turn reducing the taxes.

And I'm confused about the taxes a bit. (Forgive me, I've never won anything!) Do you actually have to PAY the taxes (like write a check to the goverment or have the tax amount deducted from your refund) or are you actually just adding the tax value to your total income for the year?

I realize you're going to pay a tax regardless but I'm just not quite clear on the "how" part.
I think the way it works is you get a 1099 at tax time and it is reported to the government as income. So it would be added to your regular income and if you get a refund, it is taken out of the refund. S if a normal refund for you is $3000 and your tax portion was $1500, you would only get $1500 refund back. I think!
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Old 01-05-2013, 12:57 PM   #350
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Quote:
Originally Posted by ProudMommyof2 View Post
Yes, you pay the taxes for the year you take the trip. You also can keep track of airfare and discounts at the resorts and ask for a revised 1099 if you could have booked the same trip cheaper.

I "saved the offer" for the same vacation that we took on the WDW website and then printed the reservation confirmation as proof of what I could have booked the resort for our dates at a lower price than they put on the 1099.

Does that make sense? You can dispute the 1099 if you can prove you could have booked the same trip for less.
I think you explained that very well. And saving your online offer is a perfectly wonderful idea. I would not have thought of doing that.
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Old 01-05-2013, 01:04 PM   #351
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Quote:
Originally Posted by ProudMommyof2 View Post
Yes, you pay the taxes for the year you take the trip. You also can keep track of airfare and discounts at the resorts and ask for a revised 1099 if you could have booked the same trip cheaper.

I "saved the offer" for the same vacation that we took on the WDW website and then printed the reservation confirmation as proof of what I could have booked the resort forour dates at a lower price than they put on the 1099.

Does that make sense? You can dispute the 1099 if you can prove you could have booked the same trip for less.
Yes, I did the same thing for the OMDD trip that I won last year. I printed off the cost of the hotel/tickets and airline tickets. We don't have our 1099s yet, so I guess we'll see what it says. We went to DL in the middle of the summer so there weren't any discounts so I'm guessing it will probably be correct.

There were a few winners that live close enough to WDW to drive and they were given gas cards instead. I suppose you could turn them down if you wanted to keep the prize cost down too.
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Old 01-05-2013, 01:08 PM   #352
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Quote:
Originally Posted by cristen72

This is our situation as well. Both of our trips were at value resorts. Even estimating $1800 in taxes is scary to me. That's more than we spent in September for 5 nights at AoA including park tickets.

We drove to WDW both years. I thought about driving again if we won instead of flying. If we don't use the flights that would bring the cost of the prize down, in turn reducing the taxes.

And I'm confused about the taxes a bit. (Forgive me, I've never won anything!) Do you actually have to PAY the taxes (like write a check to the goverment or have the tax amount deducted from your refund) or are you actually just adding the tax value to your total income for the year?

I realize you're going to pay a tax regardless but I'm just not quite clear on the "how" part.
I won a OMDD trip last year and this is how it works: the value of the trip is added to your total income for the year that you went on the trip. I won in 2012 and went in 2012 so the value will be added to my 2012 income; so it will look like I made $6000 more this year than I actually did and since I didn't pay taxes on the winnings, it will have to be paid when I file my tax return. I'm guessing it will be around 2k but we knew that when we won and adjusted our pay check withholdings to make up for it.
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Old 01-05-2013, 01:15 PM   #353
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Originally Posted by Gantu View Post
Oh, I have one more question for last years winners.

I know this may sound stupid.... what airline did you all fly on?
We flew on Delta from Atlanta to LAX. It seems like the airline you fly varies depending on where you're flying from so it could be any of them.

Also, I sent a photo in with my affidavit but I don't know what it was for.
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Old 01-05-2013, 01:42 PM   #354
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Oh boy. Now this really gets complicated. Due to some medical problems I recently started collecting disability. Therefore, I do not get a W2 nor do I file any taxes since I was told I wasn't suppose to. I do not get much and at times have just enough to cover monthly expenses. Once in a while I have to dip into my savings which is what I figured I'd have to do to pay the taxes for the trip.

So if I do not get a W2, how do I deal with this? Just pay taxes on whatever they claim the trip was worth since it is considered income? I am so thankful I have the savings and figure this will be a once in a lifetime trip for my grandchildren so I'll gladly take it out of the savings and try my hardest to build the savings back up.

Either way I guess I will continue to enter the contest and see what happens. My chances aren't that great since there are so many others entering but if it is meant to be I will win. That is how I look at life. If it is meant to be it will happen. Then I will deal with whatever I have to do later. Thanks everyone.

Maybe the person I talk to for the contest will have some answers if none of you do. Or when the time comes if I win, I will talk to someone from HR Block or something.
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Old 01-05-2013, 01:44 PM   #355
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Thanks for the answers regarding the tax situation. If you're close to the upper limit of your current tax bracket (which we are) then a $6000 trip could bump us up to the next bracket which could be really bad.

I think if I'm lucky enough to win then I'd try to make it economical instead of splurging. I'd probably go with a moderate resort instead of deluxe and drive at my own expense instead of fly.

I love how I'm putting so much thought into a trip I'm not even taking
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Old 01-05-2013, 01:53 PM   #356
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Originally Posted by Stitchfans View Post
Oh boy. Now this really gets complicated. Due to some medical problems I recently started collecting disability. Therefore, I do not get a W2 nor do I file any taxes since I was told I wasn't suppose to. I do not get much and at times have just enough to cover monthly expenses. Once in a while I have to dip into my savings which is what I figured I'd have to do to pay the taxes for the trip.

So if I do not get a W2, how do I deal with this? Just pay taxes on whatever they claim the trip was worth since it is considered income? I am so thankful I have the savings and figure this will be a once in a lifetime trip for my grandchildren so I'll gladly take it out of the savings and try my hardest to build the savings back up.

Either way I guess I will continue to enter the contest and see what happens. My chances aren't that great since there are so many others entering but if it is meant to be I will win. That is how I look at life. If it is meant to be it will happen. Then I will deal with whatever I have to do later. Thanks everyone.

Maybe the person I talk to for the contest will have some answers if none of you do. Or when the time comes if I win, I will talk to someone from HR Block or something.
I would talk to someone who really understands taxes. a 1099 form is NOT a w2, it is not "income" per se, but it falls more into the gift/lottery/winnings zone (which is sort of income).
I do not believe it would affect your disability, since it is not "income" but "winnings"
When we did win a trip, it did reduce our refund.
For more info, I would also read about.com sweepstakes section. They have a lot of good tax info that explains most of this.
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Old 01-05-2013, 02:53 PM   #357
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Originally Posted by sirabe76 View Post
I wonder if there will be black out dates. I would love to take my family during the Christmas in the event of winning. Not during actual Christmas but after the decorations are put up.
One of the winners can correct me, but I believe from reading the contest thread last year that the week (or weekend) of Thanksgiving was blocked out, as well as the week between Christmas and New Years, but the other dates around that time were available.
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Old 01-05-2013, 04:04 PM   #358
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Stitch all you need to really concern yourself with right now is IF you win, you WILL have to pay around 30% of the total trip cost in taxes either in 2014 or 2015, whenever you take the trip.

Don't worry about it affecting your disability because it won't.
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Old 01-05-2013, 04:40 PM   #359
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all this time I've been fantasizing about which Deluxe I'll pick if (when ) I win and it just now occurred to me ----- maybe I should consider choosing DL! I'm a WDW nut and know next to nothing about DL and I don't know that we'll ever decide to go there, but if it's FREE (well.....70% discount anyways after taxes, lol) -- maybe I should think about that instead?!?!??! Esp. since we're doing WDW this April, DH will have NO desire to go back to WDW so soon; I was thinking I would just take my sister. But he would def. go for DL......and the weather there is bearable in the summer, isn't it? Not like WDW in the summer? Hmmm, that's something to consider, that's we could go in the summer......
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Old 01-05-2013, 04:47 PM   #360
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Quote:
Originally Posted by TJDisneymama
all this time I've been fantasizing about which Deluxe I'll pick if (when ) I win and it just now occurred to me ----- maybe I should consider choosing DL! I'm a WDW nut and know next to nothing about DL and I don't know that we'll ever decide to go there, but if it's FREE (well.....70% discount anyways after taxes, lol) -- maybe I should think about that instead?!?!??! Esp. since we're doing WDW this April, DH will have NO desire to go back to WDW so soon; I was thinking I would just take my sister. But he would def. go for DL......and the weather there is bearable in the summer, isn't it? Not like WDW in the summer? Hmmm, that's something to consider, that's we could go in the summer......
We live an hour from WDW and practically live there so when we won OMDD, we chose DL and I am so glad that we did! We had never been before and it was so awesome to go somewhere different! I really enjoyed it there and the weather is more bearable than here in Florida!
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