A Houston Astros fan was pretty excited when he won a prize at an Astros game--315 coupons from Shipley's Do-Nuts. Unfortunately, the man found out later that the prize was worth $900+ which meant that it triggered a 1099, which meant he had to pay taxes on it. Taxes on donuts and coffee.
Needless to say, the man wasn't happy about it and complained, but this story has a happy ending. The Do-Nut shop owner cut the man a check for the tax bill.
Hopefully he won't be taxed for that check next year.
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Tuesday, April 19, 2011
When winning a prize isn't really winning a prize
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