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Question about income tax from contest winnings?
Last year, I won $2,000 from an online contest with no entry fee. I don't know that it can technically be considered gambling income, since I didn't put up any money myself. I use form 1040A and do not itemize. Where do I include this income, if at all, and do I need to attach another form, and if so, what is the specific form? 1099-what?
I am not itemizing, I am trying to use Form 1040A and I am just taking the standard deduction and exemption.
6 Answers
- Anonymous1 decade agoFavorite Answer
You need to complete form 1040 to report the prize, it would get reported on line 21
Source(s): Internal Revenue Service 1-800-829-1040 - Bostonian In MOLv 71 decade ago
It's taxable income. List it on line 21 of Form 1040 and mark it as "Contest winnings".
- 1 decade ago
When you won the contest I believe they should have had you sign forms as a personal gain form. Usually 40% is taken from your winnings like the lottery.
Source(s): Government wants to take it all! - whatevitLv 51 decade ago
It is added to ordinary income and there is no addition forms to add. If you don't have a 1099 that is not a problem.
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- jseah114Lv 61 decade ago
It gets reported as miscellaneous income, which is where everything else that doesn't have it's own line on the tax return goes. You won't be subject to self-employment tax on this though.
- Anonymous5 years ago
The REsponsibilities od organiser is To Deduct the tax at source else he will be panalised
