Last year, I won $2,000 from an online contest with no entry fee. I don't know that it can technically be considered gambling income, since I didn't put up any money myself. I use form 1040A and do not itemize. Where do I include this income, if at all, and do I need to attach another form, and if so, what is the specific form? 1099-what?
2007-02-08 10:59:20 · 6 answers · asked by more_brains_than_brawn 2 in Business & Finance ➔ Taxes ➔ United States
I am not itemizing, I am trying to use Form 1040A and I am just taking the standard deduction and exemption.
2007-02-08 12:08:42 · update #1
You need to complete form 1040 to report the prize, it would get reported on line 21
2007-02-08 11:08:33 · answer #1 · answered by Anonymous · 2⤊ 0⤋
It's taxable income. List it on line 21 of Form 1040 and mark it as "Contest winnings".
2007-02-08 11:28:09 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
When you won the contest I believe they should have had you sign forms as a personal gain form. Usually 40% is taken from your winnings like the lottery.
2007-02-08 11:31:25 · answer #3 · answered by mkdenton1943 2 · 0⤊ 1⤋
It is added to ordinary income and there is no addition forms to add. If you don't have a 1099 that is not a problem.
2007-02-08 11:07:38 · answer #4 · answered by whatevit 5 · 0⤊ 1⤋
It gets reported as miscellaneous income, which is where everything else that doesn't have it's own line on the tax return goes. You won't be subject to self-employment tax on this though.
2007-02-08 11:02:51 · answer #5 · answered by jseah114 6 · 1⤊ 1⤋
The REsponsibilities od organiser is To Deduct the tax at source else he will be panalised
2016-03-28 22:45:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋