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Congratulations, you get to file a 1040 this year. You will put the $5200 of prize money on line 21 (other income). It will bump up your income. The exact tax will depend on the rest of your income.
Judy1
They're not taxable for SALES tax in NJ - that has nothing to do with the income tax. You must report the $5200 as "other income" on your tax return and pay income tax on it. Both the federal and the state tax rates will depend on your tax bracket.
src50
Yes, the $5200 is taxable income. It makes no difference that what its spent on is exempt from sales tax. Two different things.
shiprepairwoman
Yes, you owe tax on your winnings. Groceries may not be taxable but you buy them with income that has already been taxed.
Congratulations on winning.
bigleybill
You will probably owe federal tax on the 5200.00.
RK
Groceries are not charged sales tax, but winnings of any kind are taxed as income. The rate will depend on your other income. Better consult a tax professional.
Shaula359
Yes as it is a capital gain...as a form of income. It would be the same as if you won a prize on a game show or a contest, lottery, etc.
Tax rate will depend on your overall income...but typically about 25%.
Marco M
The IRS code is complicated. You'd better call your local IRS office or a CPA who does taxes. Accepting the answer you get here could be an expensive mistake
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