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Do I have to pay taxes on game show winnings?

Posted on: July 30th, 2013 by John Gower 2 Comments

Article provided by John Gower

Do I have to pay taxes on game show winnings?

What kind of taxes will you have to pay for winning money on a game show or a lottery?

The short answer to this question is that it depends on your state, and how much you’ve won. If you win money on a game show you do have to pay income tax on the winnings. On your tax return you would file game show winnings under Miscellaneous Income. You will also receive a 1099 tax form from the entity that awarded you the cash prize. For example, under the rules section of Who Wants To Be A Millionaire, it explains a contestant will receive a 1099 form to declare taxable winnings on prizes valued at $600 or more. That doesn’t mean that if you win less than $600 you are exempt from declaring it on your tax return. It simply means that they may not send you a 1099, but according to the IRS even winnings as low as $50 must be declared as taxable income.

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John Gower

Do I have to pay taxes on game show winnings?

 

Introducing John Gower, Nerd atnerdwallet.com. NerdWallet helps consumers save money and make smarter decisions about their personal finances, travel plans, health bills, or higher education.  John was pointed in our direction at the recommendation of someone based on his growing interest in the topics we cover. John Gower is now a guest contributor with us here at maythebesthandwin.com.

 

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2 Responses

  1. Dane Simpson says:

    Thanks for forwarding the $25 gift card from HWP freeroll so expediciously!

  2. Akin says:

    Not a problem.

    Thanks for playing with us!

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