Cindy Stowell
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- alietr
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Re: Cindy Stowell
I was pleased to see this morning that the Jeopardy web site has her returning today to defend her championship.
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Re: Cindy Stowell
Yes, that's what I meant.alietr wrote:I read it as "if he/she declined to cash it". Your brackets make it make sense.opusthepenguin wrote:Re-read the above with my bracketed addition. I think that's what GoodStrategy is saying.alietr wrote:Huh? If you don't get income, it doesn't count as taxable income. Of course, they'd send a 1099 saying they sent it to you, so you'd have to prove you didn't cash it, but if you don't accept it, it's not income.GoodStrategy wrote:If it's like prize money, the executor could decline to cash it, but if he/she did [cash it] then it would become taxable income.
Great, now I'm getting straightened out by a birdbrain!
- MinnesotaMyron
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Re: Cindy Stowell
Indeed. I was a bit worried myself.alietr wrote:I was pleased to see this morning that the Jeopardy web site has her returning today to defend her championship.
- opusthepenguin
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Re: Cindy Stowell
https://youtu.be/MjbwCS_KKnwalietr wrote:Great, now I'm getting straightened out by a birdbrain!
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Re: Cindy Stowell
That's correct. I know "Wheel" allows contestants to turn down vacations, or accept a less-expensive trip to the same destination, to lower their tax exposure (because they must pay income taxes on the value of all prizes won, not just cash). No one on any game show is forced to accept money or prizes they don't want.GoodStrategy wrote:If it's like prize money, the executor could decline to cash it, but if he/she did then it would become taxable income. (Back when runners-up on J! received prizes rather than cash, it was not uncommon for contestants to decline their prize due to the tax they'd have to pay using other money.)opusthepenguin wrote:So you're saying that if, right now, I mailed Cindy a check for $100,000, the executor of her estate would HAVE to cash it in her name and pay taxes on it? That doesn't sound right. I think the executor could politely decline the money and ask me to send the full amount to the Cancer Research Institute.Kenny wrote:However, if Cindy did not have a prearranged deal whereby all winnings would be paid to a selected charity, then it would be up to her or the executor of her estate to make the donation. In that case, her winnings would be taxed as ordinary income then any donations could be deducted from annual income.
But in order for 100% of Cindy's winnings to be donated to charity (with no tax consequences to her or her estate) there must be a prearranged contract, as with Celebrity Jeopardy! contestants. If there was no such arrangement, her estate would have to pay taxes on the amount paid, but then if all of it is donated to CRI, it would receive a deduction for that amount.
- opusthepenguin
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Re: Cindy Stowell
So without that prearranged contract, you are saying Cindy's estate CANNOT decline the money? (You understand that the money hasn't been delivered yet, right?) Or if it does decline the money, Sony CANNOT donate the entire amount to the Cancer Research Institute? I'm sorry, but I just don't believe that's true. If you can cite the language from the relevant tax code, I'd be interested in seeing that.Kenny wrote:But in order for 100% of Cindy's winnings to be donated to charity (with no tax consequences to her or her estate) there must be a prearranged contract, as with Celebrity Jeopardy! contestants. If there was no such arrangement, her estate would have to pay taxes on the amount paid, but then if all of it is donated to CRI, it would receive a deduction for that amount.
- CailinGaoilge
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Re: Cindy Stowell
Me too. I never thought to check on the website; just felt a huge sense of relief when she was introduced at the third podium this evening.MinnesotaMyron wrote:Indeed. I was a bit worried myself.alietr wrote:I was pleased to see this morning that the Jeopardy web site has her returning today to defend her championship.
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Re: Cindy Stowell
I'm no tax expert, but I have actually come across this precise situation with regards to winning prizes in a chess tournament.
Kenny is correct on this matter; unless Cindy had a pre-arranged agreement with the producers of Jeopardy, her estate would have to pay taxes on her winnings before donating them to charity.
Yes, it's stupid. Yes, it's unfair. Welcome to US tax law.
Kenny is correct on this matter; unless Cindy had a pre-arranged agreement with the producers of Jeopardy, her estate would have to pay taxes on her winnings before donating them to charity.
Yes, it's stupid. Yes, it's unfair. Welcome to US tax law.
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Re: Cindy Stowell
opusthepenguin wrote:If you can cite the language from the relevant tax code, I'd be interested in seeing that.
[citation needed]IronNeck wrote:I'm no tax expert, but ... Kenny is correct on this matter.
Brian
...but the senator, while insisting he was not intoxicated, could not explain his nudity.
If I had 50 cents for every math question I got right, I'd have $6.30 by now.
If I had 50 cents for every math question I got right, I'd have $6.30 by now.
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Re: Cindy Stowell
For someone who made a big public display about ignoring my posts, I've noticed you have been absolutely rabid in responding to them. More than anyone else on the forums, in fact.bpmod wrote:opusthepenguin wrote:If you can cite the language from the relevant tax code, I'd be interested in seeing that.[citation needed]IronNeck wrote:I'm no tax expert, but ... Kenny is correct on this matter.
Brian
Edit- Citations added, per request.
Last edited by IronNeck on Mon Dec 19, 2016 10:14 pm, edited 1 time in total.
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Re: Cindy Stowell
Let's get back on topic shall we? Opus asked for a citation from a tax expert. Kenny had already given his opinion. I am just interested in actual facts rather than opinions.IronNeck wrote:For someone who made a big public display[citation needed] about ignoring my posts, I've noticed you have been absolutely rabid in responding to them[citation needed]. More than anyone else on the forums, in fact.bpmod wrote:opusthepenguin wrote:If you can cite the language from the relevant tax code, I'd be interested in seeing that.[citation needed]IronNeck wrote:I'm no tax expert, but ... Kenny is correct on this matter.
Brian
I do not wish to partake in a flame war.
Brian
...but the senator, while insisting he was not intoxicated, could not explain his nudity.
If I had 50 cents for every math question I got right, I'd have $6.30 by now.
If I had 50 cents for every math question I got right, I'd have $6.30 by now.
- CailinGaoilge
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Re: Cindy Stowell
Back on topic: I notice that Cindy doesn't appear in the J! website's Tournament of Champions tracker, though by rights she should have been there after her fourth win. Even though we know she can't take part, it would have been nice to acknowledge her achievement in qualifying.
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Re: Cindy Stowell
This. A thousand times, this.CailinGaoilge wrote:Back on topic: I notice that Cindy doesn't appear in the J! website's Tournament of Champions tracker, though by rights she should have been there after her fourth win. Even though we know she can't take part, it would have been nice to acknowledge her achievement in qualifying.
Brian
...but the senator, while insisting he was not intoxicated, could not explain his nudity.
If I had 50 cents for every math question I got right, I'd have $6.30 by now.
If I had 50 cents for every math question I got right, I'd have $6.30 by now.
- Robert K S
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Re: Cindy Stowell
Some disclaimers. Tax is not my field of practice. I took the class on wealth transfer tax in law school as one of five semester-long tax courses I took. I provide this information not so that anyone relies upon it as tax advice (IANYL) but rather as a contribution to the general discussion.
Section 61(a) of the U.S. federal tax code includes in gross income "all income from whatever source derived" (including, although not expressly listed, game show winnings). Section 102 states that gratuitous receipts (gifts, bequests, and inheritances) are generally excludable from gross income. Section 262(a) is interpreted as implying with the non-deductibility of gifts (as a subset of personal and familial expenses). Together, these provisions set up one layer of taxation: gifts are taxed as income to the donor but not to the recipient.
Section 61(a) of the U.S. federal tax code includes in gross income "all income from whatever source derived" (including, although not expressly listed, game show winnings). Section 102 states that gratuitous receipts (gifts, bequests, and inheritances) are generally excludable from gross income. Section 262(a) is interpreted as implying with the non-deductibility of gifts (as a subset of personal and familial expenses). Together, these provisions set up one layer of taxation: gifts are taxed as income to the donor but not to the recipient.
- mfc248
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Re: Cindy Stowell
Both TJ!F's tracker and mine are on it.bpmod wrote:This. A thousand times, this.CailinGaoilge wrote:Back on topic: I notice that Cindy doesn't appear in the J! website's Tournament of Champions tracker, though by rights she should have been there after her fourth win. Even though we know she can't take part, it would have been nice to acknowledge her achievement in qualifying.
Brian
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Re: Cindy Stowell
Tax is my field of practice. I am not planning on getting into this conversation without understanding more about the contract between the contestant and the show. But I need to course-correct here. Game show winnings are not gifts, but prizes or awards. Section 74(a): "[...] gross income includes amounts received as prizes and awards."Robert K S wrote:Some disclaimers. Tax is not my field of practice. I took the class on wealth transfer tax in law school as one of five semester-long tax courses I took. I provide this information not so that anyone relies upon it as tax advice (IANYL) but rather as a contribution to the general discussion.
Section 61(a) of the U.S. federal tax code includes in gross income "all income from whatever source derived" (including, although not expressly listed, game show winnings). Section 102 states that gratuitous receipts (gifts, bequests, and inheritances) are generally excludable from gross income. Section 262(a) is interpreted as implying with the non-deductibility of gifts (as a subset of personal and familial expenses). Together, these provisions set up one layer of taxation: gifts are taxed as income to the donor but not to the recipient.
- heelsrule1988
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Re: Cindy Stowell
I hear you, but I think a lot of people wouldn't have viewed it in a positive light. Probably the better move to not put her on there.CailinGaoilge wrote:Back on topic: I notice that Cindy doesn't appear in the J! website's Tournament of Champions tracker, though by rights she should have been there after her fourth win. Even though we know she can't take part, it would have been nice to acknowledge her achievement in qualifying.
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Re: Cindy Stowell
I guess this will be the second time that a 5x or more champion was not able to participate in the Tournament of Champions. First time it happened was with Jerry Slowik.CailinGaoilge wrote:Back on topic: I notice that Cindy doesn't appear in the J! website's Tournament of Champions tracker, though by rights she should have been there after her fourth win. Even though we know she can't take part, it would have been nice to acknowledge her achievement in qualifying.
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Re: Cindy Stowell
"Barbara Lowe".kingskip wrote:I guess this will be the second time that a 5x or more champion was not able to participate in the Tournament of Champions. First time it happened was with Jerry Slowik.CailinGaoilge wrote:Back on topic: I notice that Cindy doesn't appear in the J! website's Tournament of Champions tracker, though by rights she should have been there after her fourth win. Even though we know she can't take part, it would have been nice to acknowledge her achievement in qualifying.
Not many people can say they've lost four times on Jeopardy!.