After the show's over on hosted by Drew Carey on CBS. It's a daily game show that's still beloved by many, and the idea of winning life-changing money and prizes on the show is aspirational to ionate fans.

Winning prizes is fun and exciting, but there are logistics to consider in the real world. How long does it take for a winner to receive their prizes, for instance, and how are they taxed on prizes and money? Every circumstance is different, depending on the prizes and the amount of money, but a winner recently shed more light on prize fulfillment on Reddit.

How Are Prizes Received By Winners On The Price Is Right?

Winners Receive Prizes In Various Ways, Depending On Prize

A recent Price is Right winner who goes by Jackielayne on Reddit made a post asking other winners how and when they received their prizes, and it exposed some of the behind-the-scenes workings of the show. Jackielayne wrote, "Now that my show has aired, I've been told some items I will receive tracking for and others could just show up - which worries me as my neighborhood has mail theft! This could occur anytime from now through end of June (90 days out)... Any insight on how you received prizes... ?"

Jackielayne listed the other prizes she'd won and had not received yet, including an LG Washer and Dryer Set, Centr Fitness equipment, Dior accessories, MacGregor golf clubs, Grit golf bags, Razor Crazy Carts, and a remote caddy. The post garnered lots of responses from others who went into detail about how they obtained their prizes.

It's surprising that the contestants must sometimes solicit their own prizes, and that the show doesn't seem to assist them.

Jackielayne said that some prizes, including a car, had already been obtained, but others were causing issues for her. Commenters jumped in and shared their own experiences, with one who goes by WithDisGuyTravel saying, "I received my Gucci and Armani stuff direct from TPiR. It was the actual items from the show aired. I received the gold bars from a vendor drop shipped with signature required. ... Now they are worth double. I received the boat by calling the dealership and they agreed to purchase it back as they had a seller lined up. It was during peak demand during Covid."

Another commenter, PriceisRightJames, wrote that they'd received some prizes, but were still waiting on others.

"My TV came the day my episode aired! The skincare stuff came like 2 weeks later. Still Waiting on the leather remote holder. The TV came completely shattered, and I had to reach out to TPIR team, who got in touch with the seller of the TV, who promptly had another shipped out and received 2 days later. I had tracking on both TVs, but not on the skin care or TV remote holder."

TV Insider reported that original poster Jackielayne said that winners are actually allowed to decline prizes as well. Jackielayne reportedly declined an outdoor shower she'd won, since she lives in Michigan and didn't think she'd get enough use out of it. Declining the prize "reduce[d] [her] prize total," she said.

How Are Cash Prizes Taxed On The Price Is Right?

Taxes Are Up To The Winner To Handle

Some commenters took Jackielayne's post as an opportunity to remind her to allot some of her prize money and value of prizes for taxes, as the show doesn't consider taxes when distributing prizes. This is a common complaint on many game shows, which is that the winner is responsible for taxes on their prizes. This can often be a hefty cost.

Taxes vary by state, but the general rule is that game show winnings are considered taxable income. They are filed as "unearned income." Gambling winnings are also considered taxable income. Winners are responsible for filing taxes on their winnings, and can get into serious legal trouble if they don't. They can also be responsible for any back taxes, which can add up, if not properly taken care of.

Another item to note is that prizes are taxed on the manufacturer's suggested retail price, which can often be higher than the stated value of the item. This is another loophole that contest and game show prize winners need to be aware of. It's best to hire a financial professional to help navigate the process of paying taxes on "unearned income."

The commenter reminded Jackielayne to prepare a 1099 form and save 40% of the value of the prizes for taxes, to which Jackielayne replied, "Yes! My ant is already planning for the 1099. He was the only one we told!" Another commenter who goes by supersonic_79 replied to Jackielayne, saying "Winning stuff on game shows is essentially the same as buying something with a good discount. The amount of tax due on one-time windfalls like this is absolutely f*****g ridiculous."

The Price is Right airs on CBS and streams on Paramount+.

Sources: Jackielayne/Reddit, WithDisGuyTravel/Reddit, PriceisRightJames/Reddit, TV Insider, supersonic_79/Reddit