2013 US G.D. - Racecamp is finished! Nick McMillen (GumballCGT) is our champion!

  • Thread starter Wardez
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I have a question for any previous Silverstone finalist. Did you get a 1099 for the value of the Silverstone trip, or just the value of the finals? Thanks!
 
I answered that in my previous big post. Yes, there are two separate 1099's.

Taxes will not be fun next year if you make it.
 
Wardez
I answered that in my previous big post. Yes, there are two separate 1099's.

Taxes will not be fun next year if you make it.
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Nope, probably not. But if you can manage $60-$120, you can get someone else to get it filed and help your situation absorb the bump in income. The IRS does take payment plans. I'm no accountant, but you probably better figure 15-25% of whatever they value the prizes at for your tax exposure. All depends on which bracket you land in come the end of the year. Hopefully none of you end up in the 35-50% bracket. Chances are, if you are near that now, you already have an accountant working with you.

Good luck to all the contestants!
 
Also, you don't pay taxes on the retail value of the prize, which is $20,000. It's much, much less.

The main thing to worry about is Nationals and any extra prizes won (like wheels or rigs). For Nat's you'll get something like a $700 1099. No biggie there.

Last year we all got misc-1099's from Sony for 3k but it ended up being an error. That was supposed to only go to guys that won the Human Racing Chassis GT rig and T500, so we didn't have to file, only the winners did.

Gotta go through all of your forms twice, then a week later, twice again.
 
Last year didnt the #1 qualifier in the opening round win the rig? I want that thing so bad, but they might as well just mail it to Joey right now....
 
RAYzRAYz
who gets to win a new rig and t500??

and wardez, do you mind sharing how much the 1099 was for silverstone?
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No guarantee there'll be those types of prizes again this year, but the prize usually goes to top performers in whatever distinction they choose. So most points overall, or fastest time in the 3 lap seeding time trial, etc.

There wasn't a specific 1099 just for Silverstone, it's a combination of different things, depends on how it's run this year. You don't have to worry about it though, although I know you're just curious.
There is a different W-9 you have to fill out before Racecamp though.
 
I wonder how long it's going to take to hear about travel arrangements? I got an email last night acknowledging my paperwork but nothing else.
 
That makes sense. Could anyone shed some light on whether we get any say on what time or airport we fly out of? I'm just concerned they're gonna try to fly me out of Chicago or Minneapolis when there's a smaller (but still legitimate) airport 30 minutes from me in Cedar Rapids.

Edit: Never mind, I'm sure I'll be fine. It's a pretty active and busy airport with major airlines that fly to Las Vegas and other major cities.
 
You can definitely ask the person that's organizing everything for you guys, they're really helpful and will answer almost any question you could have.

Afaik, they are pretty flexible and accommodating with travel plans, so you don't have to worry. All you gotta make sure is to speak up early enough, don't be like, " Ah, well I was thinking I could use this airport near my house instead of the big one" 2 days before you fly out type thing.
 
Wardez
You can definitely ask the person that's organizing everything for you guys, they're really helpful and will answer almost any question you could have.

Afaik, they are pretty flexible and accommodating with travel plans, so you don't have to worry. All you gotta make sure is to speak up early enough, don't be like, " Ah, well I was thinking I could use this airport near my house instead of the big one" 2 days before you fly out type thing.
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Thanks for the info 👍
 
Not sure how they do it now but in 2011 they worked with you to arrange flight times. Because of this I was able to get a later flight home so I could spend some time looking around. Rented a car and headed over to Kennedy Space Center for the day before flying out. 👍 Did the same after Silverstone, was able to arrange a later flight after landing back in the US and spent some time in Atlanta. Checked out the aquarium, Coke factory thing in downtown, etc. :)
 
So what do you guys think these "challenges" will consist of. Kinda like the european academy of years past?



WINNERS: Winners will be selected based on overall point totals and challenges completed. The top performers advance to the next round of the National Finals.
 
I got the email boys!!!! Can't wait to meet everyone. I've been trying at a shot for this for 2 years now and can't believe it happened on the 3rd.. Thank you everyone
 
smeadows99
I got the email boys!!!! Can't wait to meet everyone. I've been trying at a shot for this for 2 years now and can't believe it happened on the 3rd.. Thank you everyone
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Cool. 👍

How deep in the order are we now?
 
smeadows99
I got the email boys!!!! Can't wait to meet everyone. I've been trying at a shot for this for 2 years now and can't believe it happened on the 3rd.. Thank you everyone
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Congrats man! 👍
 

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