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Additional Details
What if a single status was filed for many years and a marriage occurred recently (no name change for the sake of SS records)?... |
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♪ La La La Not Listening... | Pay Taxes on Prize? |
I entered a contest and won a $250 gift card.
-Do I have to report this to the IRS and pay taxes on it?
-If so, will the place I won the gift card from give me paperwork or am responisble for it myself?
-What percentage are prizes taxed at?
Additional Details
I live in the United States (IL). |
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Wayne Z
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1) Yes (Line 21 on the 1040)
2) Maybe. Even if they don't, you still have to report it.
3) Your marginal tax rate (10-35%) |
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Matthew O
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Most people would not bother to report it, but technically you are supposed to.
For $250, you are responsible for reporting it yourself.
You would include that in your gross income and be taxes at whatever rate you pay when the total tax return is filled out. |
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Judy1
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Yes, it's taxable income so you need to report it on the "other income" line of your tax return. It will be taxed at whatever your rate is for that year - depends on your other income.
For $250, the place you won it from is not required to give you paperwork called a 1099. They can, but probably won't. |
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Gary
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You will enter the amount on Line 21 on a 1040 form |
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Dr. Deth
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whoever the people were that gave you the gift card, if they didn't ask you to fill out a w-9 with your social security number, they won't be reporting it to the IRS - federal minimum is $600 where they would be forced to report it |
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Vince S
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First of all, it's depend on country. Where you come from? |
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Joshua
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You don't need to report it if it's under a certain amount, and for most states, that is under the limit of $400-6000.
If you do report it as an earning, they take approximately 1/3rd of your earning.
$1 = $0.66 in your pocket. |
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gemini
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If it's a gift card you pay no taxes. If it were cash, then you would have to claim it as income if it was over a certain amount. |
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