every10minutes winners, we get 2 free games now!

*Mimmicks the Storm Trooper with the good news!*


Edit: Oh crap, this might suck now. This would raise the Retail Value of everything from $580 to $630. $600 is the magical value where you have to report winnings to the IRS. We may have to pay taxes on this now, where we wouldn't have had to before.
 
[quote name='shipwreck']*Mimmicks the Storm Trooper with the good news!*


Edit: Oh crap, this might suck now. This would raise the Retail Value of everything from $580 to $630. $600 is the magical value where you have to report winnings to the IRS. We may have to pay taxes on this now, where we wouldn't have had to before.[/QUOTE]

Shipwreck,
You never cease to amaze me with your knowledge. And knowing is half the battle...
 
[quote name='rabidmonkeys']Shipwreck,
You never cease to amaze me with your knowledge. And knowing is half the battle...[/QUOTE]

Well, I had to look it up, but, yes, that is definitely a Storm Trooper in his avatar.

Oh, and in case you were wondering, the other half of the battle is YMMV. :)
 
Aww, someone might have to pay taxes. On something for free.

Watch me weep. You're still getting a helluva deal. Just don't get audited.
 
Well I believe the law is that over $600 the company giving you the prize has to give all of the names of the winners to the IRS, so if you get audited and don't report it you are screwed.

[quote name='zewone']fuck the IRS. Don't tell them shit.

 
I wondered about this when the Canadian winners got Kameo and then will be sent the EA game next week. EA just shipped yesterday so if Pepsi got the games today that's the rest of today and tomorrow to package, seal, label 9000 boxes and load them all on a truck. I hoped they'd do the same for us instead of just waiting to the very last second to package them up. lol I just bought Kameo from Gamefly for $40, oh well I'm VERY happy to get another freebie i'll just trade Kameo in to Walmart and get something else.

2 more days!!!!!





What kinda tax do you gotta pay is it just sales tax? That's only $36.....
 
[quote name='$hady']
What kinda tax do you gotta pay is it just sales tax? That's only $36.....[/QUOTE]
In the .0001% chance any of us ended up having to pay tax then it would be taxable on state and federal income tax.
 
[quote name='$hady']EA just shipped yesterday [/QUOTE]

I just picked up NFS:MW at Wal-Mart tonight. I will be playing all weekend and returning the copy I get next week.
 
[quote name='billyG']In the .0001% chance any of us ended up having to pay tax then it would be taxable on state and federal income tax.[/QUOTE]

And how much tax would that be?
 
What is that warm feeling in my pants... I just blew a load....hahahahaha. Maybe this will shut the mouths of all those who whined about the PIAB... oh wait now taxes might be taken let the floodgates open and the complaining commence.
 
If they value the prize at over $600, you do have to pay taxes on it. MD & Microsoft should end up sending a list to the IRS of who won, since they are supposed to pay taxes on it.

I think I found the right reference over here:
http://www.irs.gov/taxtopics/tc419.html

Since this was a contest, and the value of it is now over $600 (due to the added games), the winner has the pay taxes on it, and file a W2-G form with their taxes for 2005. If they don't value it at $600, then there's no tax liability.

However, as I read through that link, if you have enough gambling losses (with receipts to back it up) to offset the value of the contest win, it'll cancel out the gain from the contest win.

In short, plan on paying taxes on it, if they value it at over $600.
 
Bet the house on paying taxes on anything you recieve from Microsoft. I won the regional Halo Nationals about 4 years ago. My prize: $500 cash, a free trip to L.A. to compete in the National game, and free hotel for 2 days. Total prize pack worth around $1300. And come tax time you will be recieving a nice little notice from the IRS. Don't worry it won't be that much and if some of you actually have jobs you prolly won't have to pay anything. But you won't recieve anything either.

This is prolly WHY they included Kameo. Microsoft normally doesn't give anything away, they normally write it off to cut some of the costs. Think how much they spent. 9000 systems at $400 a pop plus shipping. WHOA
 
[quote name='Bigsauce']Bet the house on paying taxes on anything you recieve from Microsoft. I won the regional Halo Nationals about 4 years ago. My prize: $500 cash, a free trip to L.A. to compete in the National game, and free hotel for 2 days. Total prize pack worth around $1300. And come tax time you will be recieving a nice little notice from the IRS. Don't worry it won't be that much and if some of you actually have jobs you prolly won't have to pay anything. But you won't recieve anything either.

This is prolly WHY they included Kameo. Microsoft normally doesn't give anything away, they normally write it off to cut some of the costs. Think how much they spent. 9000 systems at $400 a pop plus shipping. WHOA[/QUOTE]

Cheap advertising... plus Pepsi payed for some of the cost. And now with an MS tax break... what a deal for them!
 
On the every10minutes.com it states the following:

6. Xbox 360 SWEEPSTAKES PRIZE:
Sponsor will ship to each verified sweepstakes winner the following: one (1) Xbox 360 system, one (1) game (title to be selected at time of registration for Promotion), and one (1) "Party In A Box" prize consisting of a five (5) Xbox 360/Dew branded hats and T-shirts, two (2) manufacturer's coupons redeemable for free 12-pack Mountain Dew products. Total estimated retail value of sweepstakes prize package is $580.00. Limit one (1) Xbox 360 prize per person and/or Account and/or household.

Granted they added Kameo, but the total for the system + 2 games w/o tax is $510. Depending on your local tax you could pay at most $51 w/ 10% interest. So now we're at $561 and though I appreciate the PIAB I personally would not value it at $39. I'm not to worried and I feel nothing will come of this.
 
[quote name='neudog']On the every10minutes.com it states the following:

6. Xbox 360 SWEEPSTAKES PRIZE:
Sponsor will ship to each verified sweepstakes winner the following: one (1) Xbox 360 system, one (1) game (title to be selected at time of registration for Promotion), and one (1) "Party In A Box" prize consisting of a five (5) Xbox 360/Dew branded hats and T-shirts, two (2) manufacturer's coupons redeemable for free 12-pack Mountain Dew products. Total estimated retail value of sweepstakes prize package is $580.00. Limit one (1) Xbox 360 prize per person and/or Account and/or household.

Granted they added Kameo, but the total for the system + 2 games w/o tax is $510. Depending on your local tax you could pay at most $51 w/ 10% interest. So now we're at $561 and though I appreciate the PIAB I personally would not value it at $39. I'm not to worried and I feel nothing will come of this.[/QUOTE]
The estimate of $580 listed above is with 1 game. 2 games will most likely kick it over $600.

I'd expect on getting IRS notices/tax liability statements about it with this new change.
 
My wife just called and said "I heard there was a problem with the game we were supposed to get." The guy told her that we would be getting a $49.99 game with our system and we should our other game in 1.5-2 weeks. As this response was unaided, I feel pretty confident we are getting two games.

They still aren't giving out tracking numbers and people in rural areas expecting to get theirs today will be waiting awhile.
 
Did you not look at the figures posted. If the estimated prize package is valued at $580 then the breakdown looks like this:

360 - $399
2 x games (59.99+49.99) - $110
Tax (10% worse case scenario) $59.90
--------------------------------------------
$559.90
PIAB (estimated to equal $580) $20.10
--------------------------------------------
$580.00

Now if the prize package is estimated at $600 you're saying the PIAB is worth $40.10 to make the value an even $600 or perhaps you look at it like we're picking up the s/h charges. I'm find this highly unlikely.
 
[quote name='neudog']Did you not look at the figures posted. If the estimated prize package is valued at $580 then the breakdown looks like this:

360 - $399
2 x games (59.99+49.99) - $110
Tax (10% worse case scenario) $59.90
--------------------------------------------
$559.90
PIAB (estimated to equal $580) $20.10
--------------------------------------------
$580.00

Now if the prize package is estimated at $600 you're saying the PIAB is worth $40.10 to make the value an even $600 or perhaps you look at it like we're picking up the s/h charges. I'm find this highly unlikely.[/QUOTE]

The estimated value was $580 before the $49.99 game was added in. As far as I know, tax isn't part of the estimated prize value, so it breaks down more like this:

Premium X360 $400
EA Game $60
PIAB $120

That's probably how it is actually broken down, because they are going to jack the estimated price up on those hats and t-shirts. Plus the coupons for the free Pepsi are probably worth about $8 or so.
 
It doesn't make sense why they would have to delay the second game seeing as how they hit shelves on the 17 (not sure about madden) Now if they didn't recieve them in time to package it makes sense, but you could just include a voucher to recieve either NFS or Madden 06' free. Why do big businesses make things so hard. Before all you people respond saying I'm whining I'm not. It just boggles my mind that you would incur more s/h fees instead of adding a slip of paper that brings the same results.
 
[quote name='shipwreck']The estimated value was $580 before the $49.99 game was added in. As far as I know, tax isn't part of the estimated prize value, so it breaks down more like this:

Premium X360 $400
EA Game $60
PIAB $120

That's probably how it is actually broken down, because they are going to jack the estimated price up on those hats and t-shirts. Plus the coupons for the free Pepsi are probably worth about $8 or so.[/QUOTE]
Those are the numbers that I had in mind when I was thinking that taxes will come into play.

The $580 value posted on the site was before they tossed in the extra game.

Either way, it doesn't matter to me personally, since I didn't enter the contest and win one.

I'm just waiting for the wave of people to shit themselves when they find they have to pay taxes on it, if they have to pay taxes on it at all. Still up in the air, and you'll find out for certain next year, anyway.
 
[quote name='shipwreck']The estimated value was $580 before the $49.99 game was added in. As far as I know, tax isn't part of the estimated prize value, so it breaks down more like this:

Premium X360 $400
EA Game $60
PIAB $120

That's probably how it is actually broken down, because they are going to jack the estimated price up on those hats and t-shirts. Plus the coupons for the free Pepsi are probably worth about $8 or so.[/QUOTE]

I figured they would place a higher pricetag on the PIAB, but most of us that received one would not place this price tag on it. So minus the MDX, Coupons and postcards we're left with roughly $110 as the total of the 5 hats & shirts; average to $11 per item.
 
I'm not worried about the taxes. I just don't understand how people, IRS, will not see the loop hole MS is creating to avoid taxes themselves.
 
Not to rain on your parade, but the entire amount is taxable, regardless of if it is under $600 or not. The $600 amount only triggers the issuance of the W2g from every10minutes. If they do issue one, you must be furnished a copy by Jan 31 2006, so you will know if they reported to the IRS or not. However, according to the code any prize winnings are taxable, whether or not it is under the $600 only affects if the W2G is issued by every10minutes or not.

Try not to take this the wrong way, I am not trying to be the morality police here, I'm just distributing the facts. Whether or not you report is up to you, but you damn well better if they issue a W2G because the IRS will be looking for that amount on your return (automated matching system).

Feel free to post or PM any questions.
 
[quote name='panasonic'][quote name='neudog']I was wondering if anyone has received their second game in the mail yet?[/QUOTE[/QUOTE]

You suck at the internet, Panasonic.
 
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