i won a trip 2 years ago and used it last year in august.
i suppose i am to pay taxes but i have no idea what to pay on.
will they be sending me a form with the amount that i need to add as income?
trip worth around $2000
won a trip, but what taxes do i pay?
2012-03-14 8:25 pm
回答 (3)
2012-03-14 8:32 pm
✔ 最佳答案
Form is 1099. You add it as miscellaneous income on your 1040.
2016-05-17 10:13 pm
If the prize is awarded to you and not your parents, and you have no other income, then you will need to file a federal tax return and will owe tax. You should receive a 1099 from the sponsor in the amount of $3,500. Your taxable income would be $2,550. Your tax would be $255. Hold back some of your cash for taxes, and enjoy your prize. You are not subject to kiddie tax on this income. Your California return will flow from your federal return. You'll probably owe a few dollars to California.
2012-03-14 9:43 pm
two years ago? it should have been reported as income that year, not when you use it
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