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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