GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Jun 6, 2011 9:04:30 GMT -5
Along the lines of the free Harrah's cruise thread, a dear friend just won a free 5 day/4 night trip to Universal Orlando courtesy of a non-profit club. The trip includes airfare, hotel, park entrance, and transfers for 4 people (fortunately, the actual size of her family). It does NOT include meals, gratuities, taxes, and incidentals.
The trip is valued at $3400.
Her family has never been to Universal Orlando. They are open to the trip, but to be honest, it wasn't high on their list of priority destinations.
I told her about you wise and helpful people, and she asked me to pose 2 questions for her:
1. Have you ever won such a trip? Were the flights and hotel rooms base model or were you given upgraded seats and accomodations?
2. My friend estimates that she will incur a tax hit of about $1100 for the value of the trip. Then, she estimates $1400 for meals (2 teenage boys and 2 adults), tips, souvenirs, parking at the airport, etc. So, this "free" trip will cost her about $2500. Would you accept such a prize given the out-of-pocket cost (she is currently researching how much such a trip would cost her if she paid for it herself and did the trip frugally)?
Thank you so much in advance for any advice and/or guidance you can provide!!!
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Deleted
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Post by Deleted on Jun 6, 2011 9:14:14 GMT -5
Along the lines of the free Harrah's cruise thread, a dear friend just won a free 5 day/4 night trip to Universal Orlando courtesy of a non-profit club. The trip includes airfare, hotel, park entrance, and transfers for 4 people (fortunately, the actual size of her family). It does NOT include meals, gratuities, taxes, and incidentals. The trip is valued at $3400. Her family has never been to Universal Orlando. They are open to the trip, but to be honest, it wasn't high on their list of priority destinations. I told her about you wise and helpful people, and she asked me to pose 2 questions for her: 1. Have you ever won such a trip? Were the flights and hotel rooms base model or were you given upgraded seats and accomodations? 2. My friend estimates that she will incur a tax hit of about $1100 for the value of the trip. Then, she estimates $1400 for meals (2 teenage boys and 2 adults), tips, souvenirs, parking at the airport, etc. So, this "free" trip will cost her about $2500. Would you accept such a prize given the out-of-pocket cost (she is currently researching how much such a trip would cost her if she paid for it herself and did the trip frugally)? Thank you so much in advance for any advice and/or guidance you can provide!!! 2 day hopper passes for Universal cost $600 for the 4 of us in December. Hotel was another $600 (and I would NOT stay in that hotel again). Souveniers - I gave each kid $60 and that had to pay for anything they wanted as far as souveniers and food above and beyond meals that I purchased. We drove because airfare would have been, at a minimum, $1000.
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GRG a/k/a goldenrulegirl
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"How you win matters." Ender, Ender's Game
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Post by GRG a/k/a goldenrulegirl on Jun 6, 2011 9:35:32 GMT -5
2 day hopper passes for Universal cost $600 for the 4 of us in December. Hotel was another $600 (and I would NOT stay in that hotel again). Souveniers - I gave each kid $60 and that had to pay for anything they wanted as far as souveniers and food above and beyond meals that I purchased. We drove because airfare would have been, at a minimum, $1000.[/quote]
A couple follow-up questions if you don't mind...
How old are your kids again? Did they enjoy Universal?
Did you stay in the park or outside? If inside, would you mind saying which one?
How expensive were the meals?
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midjd
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Post by midjd on Jun 6, 2011 9:38:44 GMT -5
$2500 OOP for a destination they're not sure they would have gone to otherwise... I'd rather spend the money on someplace I really wanted to visit.
And if the "free" vacation is a $3400 value, and they're going to be spending $2500... seems you could do it for <$2500 if you planned carefully and avoid the hassle of worrying about whether something is covered under the "free" part. My family and I (also 4 of us) went there about 10 years ago, I know it didn't cost anywhere near $2500. Of course we stayed in a Holiday Inn and ate at McDonald's the whole time ;D
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Deleted
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Post by Deleted on Jun 6, 2011 9:47:16 GMT -5
2 day hopper passes for Universal cost $600 for the 4 of us in December. Hotel was another $600 (and I would NOT stay in that hotel again). Souveniers - I gave each kid $60 and that had to pay for anything they wanted as far as souveniers and food above and beyond meals that I purchased. We drove because airfare would have been, at a minimum, $1000. A couple follow-up questions if you don't mind... How old are your kids again? Did they enjoy Universal? Did you stay in the park or outside? If inside, would you mind saying which one? How expensive were the meals? [/quote] they are 12, 15 and 17. the main attraction was harry potter. the older 2 loved it. I could take it or leave it. we enjoyed ourselves, but we nearly froze to death the first day, the harry potter lines were horrid, we don't go on rides (except water rides and it was too cold for that). So I thought it was a waste of money. the shows were fun. stayed outisde the park. horrible hotel. found it through AAA I think and it looked way better in the pictures. food was expensive and not great. they do have some dining plan thing that would be worth it if you have teenage boys. my oldest was a vegan (now gone back to vegetarian) and she nearly starved to death as there were very few vegan options (french fries).
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Jun 6, 2011 9:53:59 GMT -5
$2500 OOP for a destination they're not sure they would have gone to otherwise... I'd rather spend the money on someplace I really wanted to visit. And if the "free" vacation is a $3400 value, and they're going to be spending $2500... seems you could do it for <$2500 if you planned carefully and avoid the hassle of worrying about whether something is covered under the "free" part. My family and I (also 4 of us) went there about 10 years ago, I know it didn't cost anywhere near $2500. Of course we stayed in a Holiday Inn and ate at McDonald's the whole time ;D That is my line of thinking as well, but I hesitated saying anything to her just yet in case I was missing some benefit to accepting the prize.
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Jun 6, 2011 10:02:25 GMT -5
A couple follow-up questions if you don't mind...
How old are your kids again? Did they enjoy Universal?
Did you stay in the park or outside? If inside, would you mind saying which one?
How expensive were the meals?
[/quote]
they are 12, 15 and 17.
the main attraction was harry potter. the older 2 loved it. I could take it or leave it. we enjoyed ourselves, but we nearly froze to death the first day, the harry potter lines were horrid, we don't go on rides (except water rides and it was too cold for that). So I thought it was a waste of money. the shows were fun.
stayed outisde the park. horrible hotel. found it through AAA I think and it looked way better in the pictures.
food was expensive and not great. they do have some dining plan thing that would be worth it if you have teenage boys. my oldest was a vegan (now gone back to vegetarian) and she nearly starved to death as there were very few vegan options (french fries). [/quote]
She has kids of similar ages (as do I, which is why we are friends, LOL).
I'm not personally a big fan of amusement parks but didn't want my disinterest color my advice to her. We did Disney World a couple of years ago while in Florida for other reasons. Like you, we FROZE. We left cold and snow in the Northeast to find bitter cold at DW. One would think with all of their creativity they would have found ways to hide heaters in the trees or the rocks or the rides so they could keep the place at a constant 70 degrees so it completely matches our fantasies, LOL. But, no. Twenties and a biting wind. The gift shops sold out of warm clothes by noon. We had a 2 day park hopper pass (opted for the non-expiring kind) and only used the first day it was so uncomfortable (and we're Northerners used to that kind of thing!!!). It's just no fun in those kinds of conditions when you're expecting balmy, tropical weather.
What a bummer about the hotel. I usually have decent luck with AAA. My friend gets to stay in the park, but I figure that she's getting a windowless room in the basement with one king bed since it's free, but then I'm a cynic...
And, it sounds like Universal Orlando doesn't accomodate dietary restrictions too well. At least Disney is beginning to make an effort in that regard.
Thanks for your comments -- they'll be very helpful to her, I'm sure.
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Deleted
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Post by Deleted on Jun 6, 2011 10:30:24 GMT -5
In addition to all the above, I'd check out the hotel on a site such as TripAdvisor.com. The value of the trip can be significantly affected by whether you stay in a $250/night hotel or an $89/night hotel. And how many hotel rooms are included in the prize trip? Are both adults and the 2 teenage boys expected to share one hotel room?
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Jun 6, 2011 11:06:37 GMT -5
Watching this thread with interest because Mr Sroo won a trip to Bermuda at a golf tournement. I'm not worried that it's a scam, but I'm curious as to how all this works. We have so far been given the name of the hotel and we know where we will be flying out of, but that's it for details so far. My question is when is the tax assessed? Is it the year we win the trip (2011) or when we take the trip (we are thinking 2012). Sorry to thread jack, but I figured the question dovetailed with the OPs question. No worries about thread jacking -- great question!
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Jun 6, 2011 11:07:14 GMT -5
In addition to all the above, I'd check out the hotel on a site such as TripAdvisor.com. The value of the trip can be significantly affected by whether you stay in a $250/night hotel or an $89/night hotel. And how many hotel rooms are included in the prize trip? Are both adults and the 2 teenage boys expected to share one hotel room?
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Jun 6, 2011 11:14:33 GMT -5
In addition to all the above, I'd check out the hotel on a site such as TripAdvisor.com. The value of the trip can be significantly affected by whether you stay in a $250/night hotel or an $89/night hotel. And how many hotel rooms are included in the prize trip? Are both adults and the 2 teenage boys expected to share one hotel room? Good point. They are staying at one of the 3 hotels inside the park -- one is a Hard Rock Hotel and the other 2 are high-end hotel chains (Loews?) so not $89 but since they don't know what size room they are getting until they accept the prize they can't say it's a $250 room either.
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tractor
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Post by tractor on Jun 6, 2011 14:24:45 GMT -5
I have been to Universal Studios several times. It's a decent theme park. My kids didn't enjoy it, but they don't like anything. We have never stayed on-site, and have always booked through Expedia and had great luck. It's easy to get to, and has a few redeeming qualities. I would be surprised is they had to spend another $2,500 on top of the trip they one. I have spent less than that with four people, including airfare and unlimited tickets to both parks (and food). Universal often has some great package deals. However, I am a Disney addict, so nothing really compares to Disney. I'll be making my fourth trip there in the past year in 25 days.
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TheOtherMe
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Post by TheOtherMe on Jun 6, 2011 18:31:17 GMT -5
Watching this thread with interest because Mr Sroo won a trip to Bermuda at a golf tournement. I'm not worried that it's a scam, but I'm curious as to how all this works. We have so far been given the name of the hotel and we know where we will be flying out of, but that's it for details so far. My question is when is the tax assessed? Is it the year we win the trip (2011) or when we take the trip (we are thinking 2012). Sorry to thread jack, but I figured the question dovetailed with the OPs question. You should receive a Form 1099 with the value of the prize. You report it in the year of the 1099.
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HoneyBBQ
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Post by HoneyBBQ on Jun 6, 2011 19:50:42 GMT -5
It doesn't have to cost that much for food. If she's staying in the park they can easily go back home for lunch and eat sandwiches and fruit. Breakfast is easy - oatmeal and bananas or whatever. They don't have to "eat out" every meal and spend a fortune. A quick trip to a grocery store and they can save a ton of money.
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Deleted
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Post by Deleted on Jun 6, 2011 21:18:24 GMT -5
It doesn't have to cost that much for food. If she's staying in the park they can easily go back home for lunch and eat sandwiches and fruit. Breakfast is easy - oatmeal and bananas or whatever. They don't have to "eat out" every meal and spend a fortune. A quick trip to a grocery store and they can save a ton of money. except they are staying in the park and have no car to get to the grocery store, unless they rent one (another expense)
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HoneyBBQ
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Post by HoneyBBQ on Jun 6, 2011 21:47:53 GMT -5
It doesn't have to cost that much for food. If she's staying in the park they can easily go back home for lunch and eat sandwiches and fruit. Breakfast is easy - oatmeal and bananas or whatever. They don't have to "eat out" every meal and spend a fortune. A quick trip to a grocery store and they can save a ton of money. except they are staying in the park and have no car to get to the grocery store, unless they rent one (another expense) I'd take a cab. Universal is very close to lots of grocery stores, it'll probably cost them $20 round trip.
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GRG a/k/a goldenrulegirl
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Post by GRG a/k/a goldenrulegirl on Jun 7, 2011 14:50:52 GMT -5
I have won a couple of prizes of this type. In fact, it is fortunate that she did not win a true "white elephant" like a safari in Africa worth 35K (got to be near 17K in Federal, State and Local taxes). If she can cash it out, she should do so. Otherwise, if she accepts the trip, it would be a good idea for her to consider temporarily increasing her 401k and/or deductible IRA contributions to avoid being kicked into a much higher bracket if she is on the bubble. She should also drop down to personnel and have her withholding kicked up so she does not accidentally trigger a penalty or have to come up with the tax all at once. Now, so far as telling whether prizes of this type are scams. If you have legitimately won such a prize you will get a form to fill out and have notarized. It will be from a CPA firm or an independent judging agency like Marsden Kane. This is an IRA requirement for all prizes over $600.00 so that they can prove they did not award the prize to themselves. A 1099 form will follow. The income is reported on the front of your 1040 under "gambling winnings." Thank you, Tough Times. This is great info! As far as my friend knows, she cannot take the prize in cash. So, an African safari? You passed?
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cme1201
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Post by cme1201 on Jun 7, 2011 18:44:16 GMT -5
In addition to all the above, I'd check out the hotel on a site such as TripAdvisor.com. The value of the trip can be significantly affected by whether you stay in a $250/night hotel or an $89/night hotel. And how many hotel rooms are included in the prize trip? Are both adults and the 2 teenage boys expected to share one hotel room? Good point. They are staying at one of the 3 hotels inside the park -- one is a Hard Rock Hotel and the other 2 are high-end hotel chains (Loews?) so not $89 but since they don't know what size room they are getting until they accept the prize they can't say it's a $250 room either. Since they are staying on site, there are some very good things they get. Unlimited fast pass for rides - show room key and go to the front of the line, wait times on most of the rides with guest key 3-5 min without 15-30. I have stayed at all 3 hotels, if they have a choice between the 3 have them choose Portafino Bay, it is the highest end hotel, Hard Rock is the second tier and the 3rd is low end (and low end is still higher than holiday inn). Walking to the park is easy peasy taking less than 5 minutes from hotel to inside of park. 500 per day seems a bit on the high side for staying only 5 days at the park, with all the things there are to see and do in Orlando you can get away eating on the cheap. Only suggestion I would make is that if they are able go see one of the dinner shows, foods decent and it's a good way to kill about 2ish hours. Pirates or Medieval Times might interest the teens, or if they are a little more into it, there is a wonderful murder mystery dinner theater where you are involved.
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