games  money  taxes


Question by  meanboss (30)

How much tax do you owe on game show winnings?

I need to know how much tax I have to pay on game show winnings.


Answer by  Freddie12 (77)

Calculate the taxes due by estimating total annual income, including the winnings, and compare it to the income tax rate tables published by the IRS and your state.


Answer by  EarlOfSandwich (177)

For federal purposes you must report winnings just like any other income, and they will be taxed at your normal marginal rate. You may also be liable for state taxes in the state where the game show was held as well as in your home state.


Answer by  Chaneygirl (1755)

That depends on your other income. It will be taxed along with your wages, interest, retirement income. It will be taxed at your tax rate or higher depending on amount.

You have 50 words left!