Gerry

Congratulations from your Wife's cousin. We are proud of how many years you gave GM and was awarded a trophy of all your hard work.

congratulations!

$2000? Doubt it. On $57,000 he pays a minimum of $10,000 state and federal unless he has loss carry-forwards or has huge itemized deductions for charity giving or excessive medical bills. $2000 is 4%, the state will hit him for that alone.

it will be taxed as income. So he will not pay a ridiculous amount of taxation such as 25 or 50%. When he reports his 2009 income he will have to report the car as $57,000 in income. Very simple. Yes, given his age and retirement he will be hit hard depending on his current income. Probably have to pay around $2000 in taxes. But it evens out, he got a great car for that $2000. Sales taxes don;t apply in this case.

FYI, the cost of raffle, bingo, or lottery tickets sold by a charitable orginazation are NOT deductible as a charitable contribution per IRS pub 17. If you're claiming gambling winnings, however, you can claim the deduction for losses also, but only up to the amount you won.
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I'm also fairly certain that the raffle winnings ARE taxable, regardless of how the prize was aquired by the charitable organization.
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Gotta love 'ole Uncle Sam! Greedy bastard.

nurse4u, there is such a thing as a "gift tax", but like all IRS situations, the rules are complicated. Basically a "gift" in value of more than $12,000 is taxable, but many exclusions apply.

I meant to write when the gift was bought. Sorry, long day.

I have heard that you pay taxes on an item that you won, but you do not pay taxes on a "gift." Taxes were already paid for when a gift was given. I have never heard of anyone paying taxes on a gift. If that was the case, we would all be done for after Christmas.

No hannah, I didn't think it was free and fully expected if I'd have won it that I would pay the taxes as required. I just don't get what a 60-month loan has to do with it. I didn't understand this comment at all: i figured the tax owed on it equals about $550- for a 60 month loan.

Unless you meant that someone would take out a 60-month loan to pay the taxes. I was just wondering what you meant by your comment.

BTW -- yes, you can claim the non-winning raffle tickets on your taxes as gifts to charities.

btw hannah the contest was for the united way NOT gm. so anybody who works or worked for gm can play. do you even read your comments before you post them?

rooster where did you go? i guess all it takes to shut you up is good spanking!

hannah - what does a 60-month loan have to do with this?

Raffles are considered a "game of chance" and fall in line with gambling winnings. The winnings are taxed as income (W2-G). Usually around 25%, I think.

I said - "You can buy a decent house in Janesville for that kind of cash ($60,000)"
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Archer said - "Ha-ha! Good one! That gets the funniest post of the day!"
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Maybe it depends on what you and I call 'decent'. Mother-in-law just bought a nice home for $65k. No, it doesn't have 4 bedrooms, 3 bathrooms, a jacuzzi out back, nor does it come with a maid. But it is a 'decent' home.

Thats Cool he won it. I would donate it to a local historical society or something that could preserve a huge piece of local history so future generations can see what was made right here in Janesville

First of all congratulations Gerald! But also many thanks to the support of UAW workers and others in the local auto industry. There was a slide yesterday showing the total contributions from this group over the last 11 years, over 6 million dollars. As a board member of the United Way of Northern Rock County, I know how much all of you have done for this community and I can never thank you enough. This raffle was just another example of your group stepping up when it was needed. It was no surprise when a UAW Retiree won, what group would you guess bought the most tickets? Once again thank you GM, UAW Local 95 and everyone else in the community who has supported United Way of Northern Rock County in the past, present and future. We need your support more than ever. Barry Badertscher

Who cares who won it... it was for a great cause... the United Way... let's not forget that!!!!

Congrats Jerry!!!

Great that you won, but the IRS will be giving you a call about the taxes due on the win. Always a down side on these kind of things.

wow what a surprise a retired gm worker wins it. mm not that this would be rigged. congrats to winner

Glad it was a retied "plant rat". Well done! :)

Congratulations Jerry. I won my big contest back in '68. I won the draft lottery. My number....#1.

"You can buy a decent house in Janesville for that kind of cash ($60,000)"

Ha-ha! Good one! That gets the funniest post of the day!

Congrats to the winner! He seems like a person who will appreciate his prize.

Hope there is not a story tomorrow about a brand new SUV stolen from the 3900 block of Windwood Drive,last night.Why not tell the riff-raff out there some more about this guy and his windfall. Times are tough around here.

I think it is very fitting for a former G.M. worker to win this.. Congrats to him.

UAW Region #4 won six times-they must have been really trying for that Tahoe!! Congrats to all the winners!!!! Maybe next year huh?

Well, there's a feel good story. Congrats Jerry!
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On another note, a $60,000 SUV? You can buy a decent house in Janesville for that kind of cash. Average new car depreciation is 20% (we'll say 15%, since this is a quality GM vehicle). So, that SUV loses $9,000 just by driving it off the lot! $heesh!

How fitting for it to go to one who worked at the plant!! WTG!!!! OK next news story.......(gonna be hard to top this one!!) once again WTG on your win!!

nurse4u - the complete winner's list is here: http://www.unitedwayjanesville.org/

I try. I am still waiting to win the PowerBall..

No problem nurse4u. Thanks for supporting the community. :-)

My mistake. Yes you are right. It was a long time ago. I apologize.

It wasn't JPAC, nurse4u.

Gazette, 12/20/2004:

"Group hopes house raffle can save local children's theater troupe (photo) Edie Baran, director of Spotlight on Kids...is raffling off her house at 314 N. Chatham St....Raffle tickets cost $100 and are available until March 6."

Are you sure that raffle was for JPAC? I'm pretty sure it was for SpotLight on Kids.

I bought a ticket to help out the United Way. Congrats!!

A few years ago I bought tickets for a house that was being raffled off by JPAC. That was just ridiculous. They kept postponing the drawing, stating they did not sell enough tickets. In the end, they never did raffle off the house. Tickets for that raffle were $100. I do not mind supporting JPAC, it is a wonderful community activity. However, I believe that what a ticket is sold for should be raffled off.

I wonder who else won??

I couldn't think of a more deserving winner. Congratulations!

Jerry Kinderman is awesome! I know he will appreciate it! I am glad a retiree won, and glad to have helped the United Way by buying a ticket!

Congratulations! I'm glad it was a GM worker that won the vehicle! And Gerald is a good man, way to go...

The winner being a dedicated GM employee. How awesome is that! Congratulations!

I love how whenever something good and positive takes place, somebody always has to take the negative approach and criticize and spread false information. Rooster, you're a prime example of what's wrong with some people in this community. In fact, you're an embarrassment.
If you want to see who United Way is funding, you can go to their web site and look at the list. You'll notice Planned Parenthood is not on it, if that's who you're referring to.
United Way is going to be helping a lot more of your friends and neighbors that are suffering through tough times right now. So Rooster, go stick it in your ear!

Congratulations to the winner! It sounds like you will appreciate the prize.

rooster's post

...and there it is. That last post should get a nice story some time on the gazette web site.

Finally, a happy story for a change! I love it! Congratulations!

why didn't the gazette ask the question "is that all the tickets there will be?" the truth of the situation distorted in the article. the printing consisted of as many as they could sell. good cause, yes. bad marketing strategy, yes. the united way has hade some embarrasing situations in the past. in our society, it is bound to happen when that much money is involved. we seem to let it happen. consequences, what consequences. i wonder if the united way still funds groups that promote abortions???

Congrats to the winner. But, I was under the impression that they were only selling 9,000 tickets. Janesville Gazette, Tuesday, Dec 9th 2008 "The United Way has printed 9,000 raffle tickets. If they're all sold, the tickets would generate between $150,000 and $180,000." It sure lowered the odds when they printed more.

Congratulations Gerald I'm happy for you. You
now have a great vehicle. Thanks for your many years devoted to the Janesville General Motors plant.

Very cool, Congrats!!
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Now EBay it, so I have a second chance to win that quality vehicle which beats the snot out of any Toyota.