The Amazing Race > The Amazing Race Discussion
Amazing Race Questions
AmazingRace:
What happens when teams drop their bags while running to the pitstop? Do they go and retrieve after finishing the mat interviews? Does a crew member keep an eye on the bags for them?
SuperTux:
I've heard that winners don't need to pay taxes if they choose to get the prize money 20 grands each year instead of getting the whole 1 million bucks once and for all. Then what if CBS collapses in 50 years?
theschnauzers:
--- Quote from: AmazingRace on November 18, 2013, 06:33:58 AM ---What happens when teams drop their bags while running to the pitstop? Do they go and retrieve after finishing the mat interviews? Does a crew member keep an eye on the bags for them?
--- End quote ---
The area in the vicinity of the check-in is under the control of production; so either the team members or the production assistants will retrieve their backpacks. (While Phil may interview teams on the mat, production will also film interviews afterwards at the pitstop hotel or lodging location. But the the backpacks are safe.
theschnauzers:
--- Quote from: SuperTux on November 18, 2013, 06:51:47 AM ---I've heard that winners don't need to pay taxes if they choose to get the prize money 20 grands each year instead of getting the whole 1 million bucks once and for all. Then what if CBS collapses in 50 years?
--- End quote ---
As far as I know, CBS pays the full million to the team (one half to each teammate) and after that, each team member is responsible for paying any income taxes (federal, most states, and some localities) on their share of the prize money, By the way, teams also have to declare and pay income taxes on any prizes they win during the Race. Because individual tax situations are different, it's not possible to state what percentage of the prize money goes to taxes; and some tax planning during that tax year may also reduce the amount of taxes that has to be paid.
Whether an annuity gets used is an individual post-race planning issue which is not done by CBS. I'm not comfortable speculating about how that could be done or whether there's any way to use annuities to reduce the tax burden. I am aware that annuities are available for winners of the multi-state or state-operated lotteries in the U.S. (they get to choose after they win if the want the adjusted lump sum with taxes withheld, or a 20 year annuity which adds up to the announced jackpot amount; but that doesn't apply to the US version of TAR. I also don't know how any of the regional versions deal with income or other taxes.
zerorecall:
yeah these are good to go over, just like any prise you can op to take out the taxes at time of payment ( casinos use this form alll the time) so 1 mill divided by two is 500k - taxes is roughly 300k take home. easy pezy in my book. :yess:
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