My son is only 15 and of course he doesn't pay taxes, and i didn't win the sweepstakes, he did.
2006-12-19 14:36:49 · 7 answers · asked by Cody S 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
You don't say where you live, but if you're in the US, then your son will have to pay taxes on his winnings. Age doesn't matter, he still has to file, and pay.
It's a fairly rare sweepstakes that allows a 15 year old to enter, but congratulations to him in any case - I guess he (and you) won't have to worry about how he's going to pay for college.
The only way it would affect your taxes is if he uses it to support himself this year, which would be pretty rare for a 15 year old - then you might lose your depenency exemption for him.
The above answer assumes you're in the US.
2006-12-19 14:41:10 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
How was he notified that he won? I get an email about once a week telling me that I have won a sweepstakes. They always want money. I just delete their messages because they are scammers.
If he really won, he will have to pay taxes himself from the winnings. It won't affect your taxes.
2006-12-19 22:43:58 · answer #2 · answered by taurus 4 · 0⤊ 0⤋
It is my understanding that sweepstakes are taxed off the top, so the taxes will already be paid before your son get's diddle.
2006-12-19 22:40:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
yes he is your dependent and you claim him on your taxes, the IRS does not care if he does not work they consider any amount of money that you make or win, taxable, and if you want to claim him as a dependent then yes you have to take the fall, thats why they usually make contests like that for eighteen or older, but if he didn't win over a thousand I don't know that they would make you claim it
2006-12-19 22:42:24 · answer #4 · answered by Jonnygirl 2 · 0⤊ 0⤋
thought u had to 18 or 21 to win a lottery
2006-12-19 22:40:15 · answer #5 · answered by cemlkd 3 · 0⤊ 0⤋
>Somebody has to pay the taxes....but I'm sure ready to take that terrible problem off your hands if it bothers you that much.<
2006-12-19 22:40:33 · answer #6 · answered by Druid 6 · 0⤊ 0⤋
dont you have to be 18 to buy a ticket and claim a prize?
2006-12-19 22:42:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋