Yotta Savings | Taxes on Prize Winnings
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should we put money in a checking account vs a savings ?
If you win prize money, how is it taxed and should you be concerned!? Yotta Savings is the hottest new savings account that thoroughly gamifies the otherwise extraordinarily boring act of saving money.
We’ll both get 100 tickets to win up to $10,000,000 when you download Yotta Savings and make your first deposit! Just sign up with code BRENDAN4 or tap this link: https://withyotta.page.link/rXnbeHREFhNyGP3t9
Yotta v. Savings accounts:
What about any “normal” savings account interest that is paid to people like you and me? Well, first off Yotta Savings doesn’t pay traditional “interest”. The base rate of 0.20% is paid in a “savings bonus” and on top of that, you can win prizes by matching numbers in the weekly drawing. (Yes, it is extremely reminiscent of the lottery.) Overall, we “should” be able to make more money in combined “interest” by combining both the savings bonus and the prizes than in other savings accounts. In those typical savings accounts, interest is reported on form 1099-INT and is treated essentially the same as your normal income.
When you win prize money from a sweepstake like Yotta (yes, it is technically a sweepstake), is that income treated differently and more harshly when tax time comes? You’ve probably heard the stories that I have where a prize winner either has to reject the prize altogether or for some reason pay a large sum of cash to be able to accept the prize.
As it turns out, this situation where someone has to have cash on hand to accept a prize is when the prize is something worth a considerable amount of money, and that cash is to cover the taxes for it. The amount is based on the “fair market value” of the prize itself. So all those people winning cars on the Price is Right are likely get a bit of a surprise once the show is over.
When someone wins money in something like a game show or a Yotta Savings prize, this tax money paid upfront is not necessary. Instead, that money is treated like normal income. It is reported on a 1099-MISC. This all came as a surprise to me since I assumed that prize money was somehow taxed more heavily than normal income!
Here’s to hoping that you and I have to worry about how we will handle all the additional income we win by using Yotta. Good luck!
Don’t download the app unless this is something you really want to do. But if you DO, use my link and we will both get 100 tickets!
https://withyotta.page.link/rXnbeHREFhNyGP3t9
***The follow-up video where I try to get a free ticket! Yotta savings | Free Ticket! https://youtu.be/hOj5-ZKzhO4 ***
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Timestamps:
0:00 Intro
0:10 What about taxes
0:33 About Yotta
1:44 Official Sweepstakes Rules
3:58 Savings account interest taxes
5:12 Taxes on prize winnings
7:53 The Tesla we all hope to win
9:04 See ya
WHO AM I?
I’m Brendan, an avid trail runner, personal finance nerd, and lover of spreadsheets. I make videos here in Arizona, USA, about the basics of personal finance and sometimes about exercise. I’m currently training for a 50k ultramarathon and investing often to become financially independent!
#BrendanFitnessandMoney #Yotta #SweatandSpreadsheets
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Disclaimer: Any financial or investing-related topics discussed on this channel are not from a professional investment advisor and are not financial advice for you. This is for entertainment purposes only.
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Are Bank Savings Accounts Taxed, Yotta Savings | Taxes on Prize Winnings.
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The card issuers now just get the money upfront in the type of start-up charges. You can be sure of your balance at any time of the day or night. Make sure to consist of income from your service from past years.
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The Supreme Trick To Getting Little Service Loans
There are lots of companies that utilize electronic banking to manage their payments and funds. Saving cash constantly feels good and with a 0% APR, conserving money is as simple as going to shop.
When you own your own organization, the bank account you use must be different from your personal account. This is better for you to keep up with revenues while it also much better on you at tax time as well. What would you need from an organization banking account?
When individuals were quite hesitant to make use of the World Wide Web for their banking requirements, there was a time. No longer as there are already an increasing number of people who do online Business Banking. It is easy, safe and secure and quick. It is easily offered 24/7 so this will certainly benefit most business owners as they no longer have to rush to the bank to make certain deals.
An important thing to understand is that with this card, you will have a much better chance of getting a lower rate of interest that you will not have the ability to accomplish with others kinds of Credit Cards. This is a good card to use for anybody that is attempting to accomplish an enhanced credit score.
With the assistance of this incredible loan deal you can organize money very quickly and more so the convenient rates and that too run the risk of free. This loan has extremely fascinating features. One of those is no requirement of any security or collateral therefore is risk complimentary.
Second, when it concerns federal government small Business Loans you need to go to your small organization association to see what is used. You will have to have good credit and the better it is the larger loan you can probably get. They will also wish to see a monetary and company strategy for your company. This will be required despite whether you are a launch or an existing service.
Likewise, you can get the info about the loans from local banks. In this case, it is necessary for you to ask more details about the loans used so you can figure out the right ones for your needs.
This simply means that you bank in the nation outside your own. Banking offshore generally proffers tax benefits as overseas bank interest isn’t taxed in overseas location. Moreover overseas areas proffer personal, appropriate and safe banking with right of entry to your account from wherever in the world.
So, if you desire then you can prevent it by adopting other appropriate loans. There are numerous cases in which a reasonably large amount of cash is required rapidly. Nevertheless, aspects other than funds are secondary in nature.
Business Loans can be availed as a secured loan alternative. Try to pay at minimum triple the minimum payment quantity. Hence, the amount you receive can be utilized for fulfilling your needs easily.
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