With the economy in a rut and unemployment at record highs, many of you might be eying the game show circuit. Who couldn’t use a couple of extra thousand dollars? But if you’re one of the lucky ones selected, what happens with your prizes? When do you get them? Do you have to pay taxes? Fear not…all will be revealed.

  • Do you find Pat Sajak charming? Are you good with words and word puzzles? Could you figure out this clue:
    Wheel Of Fortune

    Wheel Of Fortune

    Then maybe you’d like to be on Wheel of Fortune. In addition to cash prizes, you can win trips and shopping sprees. Good times. According to their Web site, people can audition at “Wheelmobile” events or fill out a form. However, also according to the site, fewer than 600 people were selected last year to appear on the show.

    If you’re lucky enough to be selected to appear on the show, any cash or prizes will be delivered within 120 days after the airdate of the show. The contestants are responsible for paying state and federal taxes on their winnings.

  • If grab bag trivia is your thing, you may like Who Want to be a Millionaire (yes, it soldiered on without Regis). Like other games, they have in-person auditions and other auditions at the producer’s discretion. There are a bunch of different kinds, from video to ticket holder, but it’s not ongoing. Don’t expect a New York City extravaganza on their dime, though, all contestants have to pay their own way and provide their own accommodations.

    When it comes to actually becoming a millionaire, they get a little rule crazy. If you’re lucky enough to end up in the hot seat and win less than $250,000, it will be awarded to you 30 days after the airdate. If you win $500,000, you’ll receive half of it 30 days after the airdate and the other half will be paid in equal installments over 10 years. It’s the same deal if you win $1 million, but they pay the $750,000 over 20 years. If a contestant wins over $600, they have to fill out a 1099.

  • How are you with naming prices? The Price is Right might be the place to cash in on this skill set. The Price is Right is fairly egalitarian with contestant selection. There are no special tests to take, all you need to be a potential contestant is a ticket to the show. However, you also have to bring two forms of ID. I can’t find anything online about taxes if you win, but I do keep stumbling upon unhappy winners.
  • For many, Jeopardy is the holy grail of game shows. Contestants can take an online test or go to a “Brain bus” event. They hold potential contestants in an active pool for about 18 months. I can’t find what happens if you win, although I read that you have to wait three months. In fact, it seems that contestants aren’t allowed to say how much they actually received of their show winnings (after taxes).

There are tons of shows I didn’t mention. There’s Deal or No Deal, Are You Smarter than a Fifth Grader?, a lot of new shows on the Game Show Network and other game shows that are popping up all the time.

Be warned, almost every game has a laundry list of rules. Make sure you read them. You can’t be a contestant if you work for the parent companies or know anyone who does. You can’t be a contestant if you’ve been on a different game show and the list goes on and on. Also, they’ll probably make you sign a non-disclosure agreement because you have to wait months before the show airs to tell anyone how you did.

I wouldn’t advise giving up a job hunt or quitting a job for a game show. The odds of getting on are slim and the odds of winning are slimmer. But it’s a fun dream.