First 86 Long Beach Trip Registry

[OrbitalEllipses]

Originally Posted by Dadhawk

You'll have to include it in your taxable income next year, and you'll pay your effective tax rate on it for both federal and state (if you have it) just as if it was paid by your employer with no withholding.

So, really you are getting a deeply discounted trip, not a "free" trip. In my case, I'll effectively pay around 30% of the value with Fed/State taxes.

At least, that has been my experience in the past.

I understood that part from the earlier discussion and mention of 1099 & W2G. I just don't understand the particular role of W-9, unless it's just us giving our information to them.

[Dadhawk]

Originally Posted by OrbitalEllipses

...I just don't understand the particular role of W-9, unless it's just us giving our information to them.

Oh sorry. Yes, that is you giving them the information they need to file with the IRS so they can take it off their taxes as a business expense. My guess is not filling it out is basically the equivalent of not accepting the award so you won't be going.

My understanding is a 1099 and a W2G are really two ways for reporting the same thing. A W2G is gambling income and a 1099 would be used to report income paid to a non-employee. Either way, no taxes withheld, and it doesn't have to be cash, but the value of services paid to them.

Technically, we did not win this trip through the First 86 program directly so they might need to use a 1099 rather than a W2G, but that's for the bean counters to decide in the end. The net effect to us is the same.

[Dadhawk]

Originally Posted by Dadhawk

... I don't know if the estimated $800 value is the final value you'll end up on the 1099 or W2G, or if it will be actual cost with airfare being the variable. I have a note into them about that question.

Got an answer back. The taxable amount will be the amount in the email, should not vary.

Based on that, I'm full on IN for the trip. I look forward to meeting everyone that can make it. I'll be one of the older gentlemen acting like he's 18 and trying to spend his childrens' inheritance!

[OrbitalEllipses]

Originally Posted by Dadhawk

Based on that, I'm full on IN for the trip. I look forward to meeting everyone that can make it. I'll be one of the older gentlemen acting like he's 18 and trying to spend his childrens' inheritance!

Kids should work for what they have anyway. Always thought inheritances were kind of silly.

[russv]

Apparently the W-9 information is used to generate a 1099 form for those going to the event. You'll have to pay tax on the estimated $800.

[OrbitalEllipses]

These Beyond people are a little slow with the emails.

[terrypm]

Originally Posted by Dadhawk

Got an answer back. The taxable amount will be the amount in the email, should not vary.

Based on that, I'm full on IN for the trip. I look forward to meeting everyone that can make it. I'll be one of the older gentlemen acting like he's 18 and trying to spend his childrens' inheritance!

I went to my local Subaru dealer and was talking to him about the BRZ. He told me he had just received a Marketing Preview Guide for the car and asked if I wanted one. I told him sure. For the Subaru BRZ the target customer has a median age as 47 with 67% of them have an executive or white collar job and 39% of them are parents still with children at home.

I bet the target Scion customer is a good bit younger than 47 but Dadhawk I probably fall in your age category.

[Dadhawk]

Originally Posted by russv

Apparently the W-9 information is used to generate a 1099 form for those going to the event. You'll have to pay tax on the estimated $800.

Correct.

[Dadhawk]

Originally Posted by terrypm

I bet the target Scion customer is a good bit younger than 47 but Dadhawk I probably fall in your age category.

Gonna be hard for Scion to use us for marketing if it turns out we all are old enough to be the Dad in that Japanese life Commercial for the BRZ!

[GodSays]

Originally Posted by Dadhawk

Got an answer back. The taxable amount will be the amount in the email, should not vary.

I think it will vary. Or atleast it should. I'm not getting flown anywhere. I'm driving there myself lol so I think it should be a lot cheaper

[Dadhawk]

Originally Posted by GodSays

I think it will vary. Or atleast it should. I'm not getting flown anywhere. I'm driving there myself lol so I think it should be a lot cheaper

That's what I thought as well, but not according to the email I received from the marketing company. Maybe they plan on giving you a nice pair of shoes if you don't fly.

[luxmn]

Originally Posted by Dadhawk

Got an answer back. The taxable amount will be the amount in the email, should not vary.

Based on that, I'm full on IN for the trip. I look forward to meeting everyone that can make it. I'll be one of the older gentlemen acting like he's 18 and trying to spend his childrens' inheritance!

you sound like a cool dad man!

im 25, working engineer, 2 year out of school, buying the first brand new car. guess i fall right straight into their marketing net. lol

im excited guys!

[OrbitalEllipses]

Originally Posted by OrbitalEllipses

These Beyond people are a little slow with the emails.

Still haven't gotten back to me regarding travel arrangements.

[Dadhawk]

Originally Posted by OrbitalEllipses

Still haven't gotten back to me regarding travel arrangements.

Just got a return email from them saying they would contact me on Thursday about travel.