12/15/2023 0 Comments How much is tax on xbox game pass(For example, you can get 25 sweepstakes entries in exchange for just 1000 reward points).īased on the Redditor's post and calculations, if they were to take home the prize, they'd add another $7300 in taxable income to their 2023 tax return. Users who search on and buy things from the Microsoft Store earn points that can be redeemed for products or sweepstakes entries. Of course, you still need to enter your information to be able to claim the prize, or in this case, earn the right to enter through redeeming Microsoft Reward points. Sweepstakes are contests where you can win a prize simply by being selected. RELATED: Microsoft Quietly Cancels $1 Xbox Game Pass Ultimate Subscription Offer The tax part is also mentioned on Microsoft's contest rules page, so it's not really a surprise, unless you forget to read it yourself. laws consider any free winnings - whether they prizes, sweepstakes, raffles, or lottery tickets - regular (and taxable) income, no matter how big or small the amount may be (unless you live in a state that doesn't tax that kind of income, like California or Nevada). gamer could face - turning down a lifetime subscription to Xbox Game Pass because of the taxes they'd have to pay if they won a prize as a U.S. A Redditor and Xbox fan known as Elvite spilled the beans on one of the toughest decisions a U.S.
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