I filed my taxes 3 weeks ago... not remembering that i had won 1000 on the radio. 3 weeks after filing ... i got the form from the radio station showing what i had won ( the w2 or something ? ) now i am told i need to file an amended tax return form. Does anyone know how much i will have to pay on taxes for this 1000 that i won? i am very confused with the whole situation so any information will help.
FYI - i live in michigan.
2007-02-05 03:02:16 · 12 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You file an amended tax return, no problem. As for how much $1000 will change your taxes it is hard to say. It will increase your AGI (adjusted gross income) by $1000, but depending on how your deductions are laid out will determine how much you owe.
For instance, if you did not use your entire child tax credit because you did not make enough, the extra $1000 could allow you to use more of that deduction. The same goes for education deductions.
Sometimes deductions are limited do to your income. Increasing your income increases the limits on those deductions.
On the other hand, if you do not have any other changes on your return then it will change your taxes by about $150 if you are married filing jointly around 40,000 AGI.
If you are single around 40,000 it will cost you about $250 dollars.
Amended tax returns are no big deal.
2007-02-05 03:14:24 · answer #1 · answered by Phuzzy 2 · 0⤊ 0⤋
It depends on if that $1000 put you into the next income tax bracket or something.
You have two options - file the amended tax return, and if you were already getting cash back, then the tax from the $1000 will just cancel some of that out, otherwise pay the necessary difference.
Or, ignore the tax statement from the radio station, and if the IRS decides to audit you, claim you never received the tax form, and that you had forgotten all about it. It's risky, so you should probably opt for the first.
2007-02-05 03:09:04 · answer #2 · answered by superfunkmasta 4 · 0⤊ 0⤋
Hi. As a disclaimer, I don't use Turbo Tax, but rather I use Tax Cut. It is another program designed to do essentially the same thing. Up until about 5 years ago I did my taxes by hand. (I am a math teacher.) I found the software to be very easy to use and definitely worth the money. An added benefit is that next year you can use this year's return as a starting point. Sometimes you do feel like you have to answer a bunch of questions, but it can really help you fill in all the forms. I file a 1040 with several additional forms and schedules, and it has worked great for me. I think it is well worth it! Good luck.
2016-05-24 18:09:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You should have gotten a 1099 from the radio station. The amount of taxes you'll have to pay on it will depend on your tax bracket. If you are in the 10% bracket you'll have to pay around $100; however, depending on your tax situation you may not have to pay anything - when you do the 1040-X (amended return) you will be able to tell for sure.
2007-02-05 03:10:17 · answer #4 · answered by kewltazdude 3 · 0⤊ 0⤋
The $1,000 of additional income will be added to the taxable income you computed on your 1040 (line 43 of regular form or line 6 of EZ). Take the new taxable income and recompute your new tax liability, deduct the withholdings, and you'll get the new tax amount due or payable as a refund. Another tip, if you gamble often, you can offset your winnings by any gambling losses you've had, but only up to the thousand dollar winnings amount.
2007-02-05 03:08:21 · answer #5 · answered by Luvly 3 · 0⤊ 0⤋
It depends on what tax bracket you ended up in.
If you are in the 15% bracket, it will cost you $150. Michigan will want $30-$40 but I can't remember the exact percentage.
When you get your refund, turn around imediately and file the amendment. That way, you won't have to worry about comming up with the money.
2007-02-05 03:07:04 · answer #6 · answered by Wayne Z 7 · 0⤊ 0⤋
Taxes are usually around 20% of a winning over $1,000. I live in Michigan also and I won $3,000 at Turtle Creek in Traverse City I had to pay $658. Hope this helps :)
2007-02-05 03:06:30 · answer #7 · answered by raindog312 3 · 0⤊ 0⤋
Yes, you must file an amended return on Form 1040X. You will have to pay any tax due on that. How much that will be depends upon your marginal tax rate. Anywhere from $100 - $350.
2007-02-05 03:19:48 · answer #8 · answered by Bostonian In MO 7 · 0⤊ 1⤋
How much you'll pay depends on what bracket you are in. Most people are in a 10% or 15% bracket, which would be $100 or $150, but if you really have a lot of income, could be as much as $350.
2007-02-05 05:53:27 · answer #9 · answered by Judy 7 · 0⤊ 1⤋
You should have received a 1099. It is regular income. The minimum rate is 10% and can rise to as much as 35% based on your total income.
In addition there will be state tax.
2007-02-05 03:05:52 · answer #10 · answered by Barkley Hound 7 · 0⤊ 0⤋