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Why did I win so much money?!
Posted: Thu Oct 19, 2006 12:11 pm
by bjoak
I am surprised that no taxes were taken out of my winnings. Did I not win enough ($2250) for it to affect my taxes or will I have to pay up at tax time? If so, what do I file it as?
Why did I win so much money?!
Posted: Thu Oct 19, 2006 2:13 pm
by Chest Rockwell
Originally posted by bjoak:
I am surprised that no taxes were taken out of my winnings. Did I not win enough ($2250) for it to affect my taxes or will I have to pay up at tax time? If so, what do I file it as? Gambling income- and you can deduct expenses incurred up to the amount of the income Your fee and travel expenses to Vegas are deductible assuming you itemize.
No need to do anything until you file your taxes.
Why did I win so much money?!
Posted: Fri Oct 20, 2006 2:25 am
by Greg Ambrosius
Originally posted by bjoak:
I am surprised that no taxes were taken out of my winnings. Did I not win enough ($2250) for it to affect my taxes or will I have to pay up at tax time? If so, what do I file it as? We do not take out taxes from your winnings, but we do file your winnings with the IRS. So it is your obligation to claim any prize over $600 as earned income when you file taxes. You also have the right to claim your entry fee and other expenses involved with you earning that income.
I'm sure other NFBC winners will chime in with more information, but I just wanted to let everyone know we are sending out complete winnings without taking out any taxes.
Why did I win so much money?!
Posted: Fri Oct 20, 2006 2:41 am
by Spyhunter
Damn AMT!!!!
Why did I win so much money?!
Posted: Sat Oct 28, 2006 2:24 am
by Team Herron
BTW, Fantasy Sports is specifically excluded from gambling legislature and should not be considered gambling income. You did not receive a W2-G used for gambling winnings.
In fact, this money is Other Income or Hobby Income depending on what you plan to claim against it and your past history. Consult your local tax professional.
Jesse