what type of tax do i have to pay on money i win on a game show?

Answer 1

It is regular income and it added to your gross. It is taxed the same as pay and savings interest. It is due on Federal and State tax.

Answer 2

ANYTHING you win on a game show has a tax attached to it--money OR OBJECTS.... all objects (cars, boats, refrigerators, other appliances) AND, there would be taxes on TRIPS won, based on the real market value of the trips at the time you won them.. For cars, boats and MERCHANDISE, you would first be charged for the SALES TAX on the value of the item won.. Then, on the "OTHER INCOME" line on your state AND federal returns (federal only if you live in a state that doesn't have INCOME TAX)...you would put the actual retail price of goods won or the actual amount of the money won. This is DIFFERENT in New York State for LOTTERY WINNINGS and other GAMBLING WINNINGS which have their own special line on the income tax forms--I assume other states have separate lines for GAMBLING WINNINGS.... of course you may deduct any gambling LOSSES from the winnings to come up with an "average" of the two that must be reported as income---EXAMPLE----you WIN $25,000 in the NY State Lottery but you have $5000 worth of LOSING TICKETS that you saved and can SHOW to the Department of Tax and Finance should they as---(and they often DO ask) to offset the $25,000 so therefore on your tax return on the GAMBLING or OTHER INCOME line, you would put $20,000 as the total some for that lottery win as INCOME and pay taxes on THAT amount.. I would STRONGLY SUGGEST that if you win a LOT of money or expensive prizes by either a lottery or a game show that you set up an ESTIMATED TAX ACCOUNT with your state and Federal INcome tax departments.. This is an amount of money you pay AHEAD OF TIME to the state and federal tax depts to offset what you may OWE at the time you file your tax returns.... So, if you win a $30,000 boat and a $25,000 car or $100,000.00 in the Lottery, you set up the estimated tax account based on what you EXPECT to owe from the total of all your winnings and any other income you may have to report (wages, tips, retirement income, etc) so say you send in over the year $10,000 and when you compute and file your taxes you come out with a balance due of say $15,000 before you take your SUBTRACTIONS into account (amounts withheld, credits and estimated tax that you have sent into an account).... lets say all of this adds up to $14,800. That would mean all you would OWE on this particular tax return would be $200 .... had you not had that estimate tax account, you would owe a considerably higher amount of tax depending on how much you deposited into your Estimated tax account. Confused? Well I worked in the tax department for 35 years (State) and sometimes even I still get confused. but, sales and income taxes are the two main taxes you would have to pay on prizes won on a game show... and INCOME TAX on Lottery winnings $600 and up.

Answer 3

The value of money and/or prizes you win on any game show are reported to you on a Form 1099 and are to be claimed as regular income for the year in which you received the prizes.

Answer 4

It's fully taxable as ordinary income. It's added to your other income to compute your ultimate tax liability. You'd list it on the "Other Income" line on your tax return.

It's not quite the same total tax as if you had earned it at a job, however, as Social Security and Medicare taxes are not levied on winnings or other unearned income.

Answer 5

Federal and state income taxes.

Answer 6

The same as you would pay if you earned it at a regular job.