Won money at a casino but I do not make any money?

If that is all you have, the tax is zero.

You will file your own return. You will still be claimed as a dependent on your parent's return.

Since you are claimed as a dependent, your standard deduction is $900 (since it is all unearned income). So you're only going to pay federal taxes on $600 (the $1500 you won minus the $900 deduction), which comes out to $61.

As for your state taxes, it depends on the state. Each state has its own filing requirements. And if you won the money in a different state than where you live, you have to consider the rules in both states.

Gambling winnings are taxable income; whether you will need to file returns depends on your total income for the year. You do NOT "file with your parents." Your parents may claim an exemption for you, but that is different.

See page 3 of IRS Publication 501:

http://www.irs.gov/pub/irs-pdf/p501.pdf

Your question is somewhat confusing. Here's what happens. You have gambling winnings of $1,500 that must be declared as income. Income is subject to both federal and state taxes.

However, gambling winnings can be reduced by gambling losses. If you're smart, you will go to a race track and pick up every losing ticket on the floor. If they add up to $1,500 or more then you can offset your gambling winnings to $0 and pay no tax.

Probably all these rules and regulations suck! just do it and see what they tell you.You dont wanna go to jail for tax evasion for a mere $1,500. At least you'll get some money out of the Beaurocratic bullshit!

I think anytime you get money you are to pay taxes. Waitresses have to pay taxes on their tips and THAT is even given to them. That's how the government works baby!

Ask your parents, since their names will be on the returns.