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We shower instead of bath. No kids. Just a normal semi. No swimming pool.
Additional D... |
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Hi there,
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Additional Details
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Kaitou Ran | Can teenagers be taxed on items or cash won from sweepstakes? |
I'm considering entering an online sweepstakes, but I need to know if it is possible for me to be taxed for the item. If it helps, I am 15. Any answers about this will be greatly appreciated.
Additional Details
The sweepstakes I'm referring to have small prizes. Most of them probably are worth less than $100 and I don't have any other source of income right now. |
 |
 
card-ron
|
Age has nothing to do with it. The value of the item or amount of cash does. If the prize is worth more than $5,700 you may have to pay federal income tax on it.
Are you sure you are even eligible to enter the sweepstakes? I thought most of them required you to be at least 18. |
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viajero_intergalactico
 |
age, for he most part, is not a factor in determining who pays taxes. at your age you probably are a dependent so you get no exemption deduction, but you still can get a standard deduction (or itemized but this one is not probable for you).
so unless you win over 5700 you will owe no tax. |
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BORED
 |
Yes. u must pay taxes on any income. |
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the tax lady
 |
The limit on UNEARNED income for a dependent is $950. Prize money is considered unearned.
If you have EARNED income as well, it's $300.
If you win more than that, you'd have to file a 1040 so you could list it on line 21. |
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StephenWeinstein
 |
If you win only one of the prizes and have no other income, then your total income would not be enough for you to be taxed. |
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tro
|
more than likely the people awarding the prizes will not notify you with a 1099 of your winnings if it is $600 or less, therefore IRS is also not notified
however, it is your obligation to report winnings
except if they do not exceed your standard deduction($5700) you would not be taxed on them |
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tomja
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I am quite certain that anyone entering an online sweepstakes would have to be of legal age. |
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Larry E
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It depends on what the value is of the item. You are allowed to earn a certain amount each year with out having to pay taxes. |
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rtfm
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Yes, if your annual income is above the minimum requirement, you must pay taxes, regardless of your age. |
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Judy
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Yes, if their total income puts them over the limit where they have to file. But even if you do, you'd still end up with most of the money. |
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ninasgramma
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From your information, you are a dependent.
It is possible to be taxed on sweepstakes winnings. The value of your prizes is considered "other income." If your total winnings are greater than $950, you are required to file a tax return and will owe income tax (but not Social Security or Medicare Tax). If you win prizes with value less than $950, you will not need to file a tax return and will not owe tax.
In many cases, when a child is awarded a prize (especially something of significant value), the prize is considered awarded to the parent. Read the rules for your sweepstakes to find out. Your parents are subject to different rules, but if you win a prize and the award is considered to be awarded to your parents, your parents will include the value of your prize on their tax return.
A small prize with advertising information on it will not be considered to have any value for tax purposes (e.g. something with small value such as a t-shirt with advertising logo). |
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