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| Keystone Light - Near Campus Sweepstakes
Prize: a $5,200 couch or one of four prizes of a TV worth $300 or one of 480 prizes of $20. | Restrictions: | 21 or older |
Value: $5200 Frequency: Daily Entry | End Date: May 31, 2024 | posted on January 4, 2024 |
Thanks to: sneakypete for telling me about this one
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Comments:
Only entering this one for the chance of a TV or Venmo. No way am I paying taxes on this $5,200 couch. The good news for all of you that want the couch is that they will pick an alternate winner if the prize is forfeited.
Also, what a completely ridiculous placement for the cooler. The middle section would make sense. Then you can at least have a couple people on the couch with neither of them needing to get up when they're ready for their next beer.
If I have to stand up to get a beer, I can walk the 15 feet to the refrigerator.
GLTA
Posted by: Sweeps2021 on January 4, 2024
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Important info is its a VENMO payment if win $20. If you're like me, you use your private email for VENMO, not your contest email. So you need to enter with your Venmo email if you want to get paid if you win.
Posted by: Kmn711 on January 4, 2024
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I agree sweeps. No couch for me please.
Posted by: Kmn711 on January 4, 2024
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Ill take it!!! I wish I won enough stuff to worry about taxes!!!
Posted by: Sparky317 on January 4, 2024
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If you haven't entered yet, the couch is blue with the Keystone logo across the seat back. It's a no for me, too.
Posted by: JBRITTAIN2 on January 4, 2024
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Sparky317, taxes are owed on everything you win. If you win the $20 Venmo, by law taxes are owed on that amount. Whether you choose to report it or not is between you and the IRS.
Prior to entering any promotion, I ask myself if the prize is worth (to me) what I would pay in taxes. Since the lowest tax rate in 2024 is 10%, the couch is going to cost the winner a minimum of $520. Although I'm in a higher tax bracket than that, I still wouldn't want to pay $520 in taxes for a beer themed couch with a cooler in it.
My exception to the above self imposed rule is if the prize is worth the taxes and the effort to resell it for some after tax profit. Not sure what someone would be willing to pay to purchase that couch from the winner. Highly unlikely it would be anywhere near the $5200 that they value it at.
2023 was my worst year doing sweepstakes. The fact that I've been extremely selective likely impacted the amount of wins and the dollar total. Last summer I did multiple flea markets and I still have prizes that no one wanted to buy. Like brand new baseball caps that were valued in the $20 to $25 range but I can't get someone to hand me a $5 bill for.
Posted by: Sweeps2021 on January 4, 2024
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I won a $750 coffee prize. How to you calim it on taxes?
Posted by: mel54 on January 4, 2024
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$750 Other income, IRS form 1099-Misc
Posted by: Sweeps2021 on January 4, 2024
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Is anyone else having to resubmit the full form every time they enter? As if it's your first entry every time? That's not normal for these Miller/Coors contests
Posted by: puckdrop1340 on January 7, 2024
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