do i have to pay taxes for winning $ ?

Question

i won 500.00 dollars on the radio, how much do i pay in taxes at the end of the year?

Answer 1

You may or may not owe taxes. It depends on your other income.

If you file a tax return, the radio win goes on Line 21 of Form 1040 as other income. You do not have to pay Social Security or Medicare on this money, but it is added to your other income.

If your total income including the winnings is over the filing requirement for your filing status, then you will pay taxes on the winnings. If not, you will not pay any taxes on the winnings and will not be required to file a tax return.

For example, if you are already in the 15% tax bracket before the winnings are added, you will pay an additional $75 in tax from including the winnings on your tax return.

Answer 2

Most of the time you must report any winnings over $1199.00. Usually a casino representative or slot rep. will bring a SS form for you to complete and claim your winnings which are subject to a 25% Federal tax only. Check around however as some of the limits may have changed.

Answer 3

You just enter the $500 amount on Line 21 on the 1040 tax form. Then you will add up all of your income sources, take out any deductions so you can come up with your Adjusted Gross Income and go from there. I just read some of your earlier answers given and yes it is true that I wouldn't worry about claiming $500 but if they have your social security number then you have to report it.

Answer 4

Depends on your tax bracket. In a 15% bracket for example it would be $75, in a 25% bracket would be $125.

In ANY state in the US, you are required to report it on your federal return and pay tax on it if you have enough income to be required to file a federal return. The people above who say that in their state, if it's under $xxx you don't have to pay taxes are flat-out wrong.

You might or might not also owe state income tax on the amount, depending on the state.

Answer 5

First of all, congratulations.

But look shawty, don't even worry about it. $500 isn't significant enough of a prize for you to have to go through the trouble of trying to pay tax on it. Trust me, the IRS will not haunt you over a $500 prize.

In most lottery states, people win $500 prizes all the time and never pay tax on it. Matter of fact, some states don't require you to file that amount. If you insist on paying tax, however, there is a tax form you can request. And you would just file it when you file your return next year.

Answer 6

I won 1000 dollars on kiis fm to pay my bills..and was wondering if I have to pay taxes on it..can anyone help.please

Answer 7

if the radio station already took out taxes, they will report the information to IRS and will also provide you with a 1099, So if Jan 31, 2008 the Radio station does not provide you with the information then it is not taxable and you will not have to report it on your tax return due by April 15,2008.

Answer 8

You will file Form 1040 (not 1040A or EZ) and show $500 of miscellaneous income as "prize" and pay tax at whatever your regular rate is.

Answer 9

It depends on the state you live in. For instance, the state i was in, Michigan, their laws were if you win less than $600, you don't have to pay any taxes on it. If you win more than $600, you have to pay taxes on it. Since you're not automatically taxed on money between $600 and less than $5,000, when you go to file, you're not getting any of that money back! If it's greater than $5,000, then when you file, you are taxed and that money comes back to you.

Hope this helps.

Answer 10

I won at the casino 1,500 how much do I pay Back?