Wednesday, July 13, 2011
Do you have to put any money you win on your 1040ez tax returns?
I live in NC, and there are these gambiling places that are legal called sweepstakes, which are like casino games, but different because you are putting money down towards other things like internet services or calling cards for your phone. Anyways, I hardly ever play those games, but I recently won 300 dollars not too long ago, and my dad was saying I would have to include those in my tax returns, but I've never seen that option in the 1040 ez when I've read the instructions. I always have someone else fill out my taxes, but do I need to mention that I won? When I received my winnings, no taxes were taken out of it, and the owner of the sweepstakes gave me the entire $300 in cash? Also, what about lottery winnings or game show winnings? How does all that work too on 1040ez? Any info will help because I've never won anything before.
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