“I read that I would have $7300 of added taxable income to my 2023 taxes as a result if I claim the prize.
As a result, he declined and at the end of the day, there is no winner as the prize isn’t transferrable or redeemable as a cash equivalent. At $14.99/mth, it would take almost 10 years for the winner to recoup his tax losses from accepting the prize. Based on this, he calculated that he would have had to pay around $1752 in extra taxes if he claimed the prize. Posting on the r/MicrosoftRewards subreddit, user Elvite indicated that he won the recent Game Pass Ultimate for Life contest held by Xbox but upon closer examination was going to be on the hook for roughly $1700 in additional taxes.Īfter receiving the paperwork to fill accept the prize, Elvite found out he would have to claim a value of $7300 (the “for life” part of the contest is for a maximum of 40 years).
Winning a prize isn’t all roses as one Reddit user found out.
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