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Old 08-03-2012, 06:32 PM
 
Location: Texas
5,070 posts, read 8,765,860 times
Reputation: 1627

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The IRS wants their cut of the winnings, it appears. But why?

I've already written my Congressman.
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Old 08-03-2012, 06:34 PM
 
Location: Palm Springs, CA
26,486 posts, read 24,217,574 times
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All income, including prize money, is taxed in the U.S. If Congress wants to change it, it's up to them.
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Old 08-03-2012, 06:35 PM
 
Location: San Francisco
9,033 posts, read 8,371,897 times
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I won $31,000 on Jeopardy!. Should those earnings have been tax-free too? (I can assure you that they weren't.)

If not, then why should Olympic athletes get special treatment?
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Old 08-03-2012, 06:38 PM
 
Location: Middle of nowhere
19,428 posts, read 9,736,358 times
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Yep. They get taxed on the winnings. They are just like the rest of us.

I'm pretty sure that any tax accountant can write off their training expenses, travel, physical therapy etc to make their tax liability 0.
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Old 08-03-2012, 06:39 PM
NCN
 
Location: NC/SC Border Patrol
21,136 posts, read 21,125,167 times
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Why should they be exempt from the same rules as other citizens. I didn't know until this was reported by the news that they received income for winning. They should also get to deduct what they paid out to train. We donate to the organization that helps these people compete.

Lots of people work for years and go to college for years in order to prepare for a job. They have to pay taxes, so why shouldn't everyone be treated the same?
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Old 08-03-2012, 06:39 PM
 
Location: Florida
21,492 posts, read 10,394,958 times
Reputation: 7770
The government is greedy.
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Old 08-03-2012, 06:41 PM
 
Location: Florida
21,492 posts, read 10,394,958 times
Reputation: 7770
Quote:
Originally Posted by pch1013 View Post
I won $31,000 on Jeopardy!. Should those earnings have been tax-free too? (I can assure you that they weren't.)

If not, then why should Olympic athletes get special treatment?
Oh, you answered a few questions on jeopardy. They dedicated years of training , blood , sweat and tears to winning a medal .
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Old 08-03-2012, 06:48 PM
 
Location: San Francisco
9,033 posts, read 8,371,897 times
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Quote:
Originally Posted by Taratova View Post
Oh, you answered a few questions on jeopardy. They dedicated years of training , blood , sweat and tears to winning a medal .
OK, so should pro baseball players be entitled to tax-free championship bonuses too? They trained so hard to win them.
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Old 08-03-2012, 06:48 PM
 
Location: Middle of nowhere
19,428 posts, read 9,736,358 times
Reputation: 7535
Quote:
Originally Posted by Taratova View Post
Oh, you answered a few questions on jeopardy. They dedicated years of training , blood , sweat and tears to winning a medal .
And many people dedicate years of blood sweat and tears for their chosen profession. should they not pay taxes?
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Old 08-03-2012, 06:50 PM
 
472 posts, read 627,582 times
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Quote:
Originally Posted by Taratova View Post
Oh, you answered a few questions on jeopardy. They dedicated years of training , blood , sweat and tears to winning a medal .
Do you think that they should not be taxed on product endorsements also?
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