I won 1500 on the radio and received the prize money in gift cards from Toys R Us. I had to fill out a W-9 for the radio station. How do I handle this during tax time?
2007-12-01 00:40:52 · 5 answers · asked by MrsMaltz 3 in Business & Finance ➔ Taxes ➔ United States
The radio station will send you a 1099MISC for the prize money. The amount of the prize money is entered on Line 21 of Form 1040 "Other Income". List this as "Prize from radio station XXXXX" or something like that. The income is not subject to SS or Medicare taxes.
The IRS will receive a copy of that 1099MISC and will be looking that you put this income on your return.
2007-12-01 04:20:00 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
You'll get a 1099 from the radio station for the amount. But whether you get it or not, the amount goes on the "other income" line on your tax return - it is taxable income.
2007-12-01 02:24:59 · answer #2 · answered by Judy 7 · 3⤊ 0⤋
You will disclose your winnings on Line 21 on a 1040 form which will be added to your wages.
2007-12-01 00:48:13 · answer #3 · answered by Gary 5 · 4⤊ 0⤋
yes
2007-12-01 01:14:57 · answer #4 · answered by Puppet Dictator 5 · 2⤊ 0⤋
Any income is taxable.
2007-12-01 00:58:35 · answer #5 · answered by beckoningsubstitutes 5 · 0⤊ 2⤋