esdeathfarron
New member
@Amyshulk: Thank you for letting me know! I'm neither a dependent or on government assistance at the moment, but have no other source of income, so I wasn't really sure about sweepstakes taxes.
***ARV and your taxes*** {TY to LIDARKSIDE}
- Thread starter amyshulk
- Start date
OK - short answer then - any prizes you win get added to $$$ made for the year, so it moves you up the tax brackets.
If you don't need to file, then win a biggie {not sure what a biggie would be in your case} it could cause you to ^have^ to file if it hits the IRS threshold which is why I said consult with a tax professional - they know the minutiae, good luck!
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esdeathfarron
New member
While we're talking about taxes.....I only enter cash sweepstakes and figure that if the prize comes as a check, the taxes can be taken out of the check, but what about gift cards? I've been staying away from sweepstakes that give out cash as gift cards, because I'm not sure if the taxes can be taken out of them, and heaven knows I've got no money of my own to pay whatever tax may come. *lol*
Taxes are not withheld on sweepstakes wins like they can be {if you request it for US citizens, automatically for foreign nationals} for gambling wins, and while wins of $600+ is the IRS report threshold, technically, ALL wins are reportable.
As I noted, it's not a specific percentage, but rather is determined by how it affects your total $$$ {wages & wins} made in a year, and if you don't have wages, the total wins would have to overcome the report minimum, whatever that is!
esdeathfarron
New member
So does that mean they're automatically going to take the taxes for your winnings out of your wages? I only work a part-time minimum wage job (it's only my fourth week and the hours have been increasing from 8 to about 23 per week so far and wages come bi-weekly), so if taxes end up eating all my wages, would I be able to have the rest of them taken out of my winnings?
I'm sorry, this is my very first job and I'm new to the concept of taxes as a whole, so I'm not sure if it's safe financially to keep entering these sweepstakes or not.
So does that mean they're automatically going to take the taxes for your winnings out of your wages? I only work a part-time minimum wage job (it's only my fourth week and the hours have been increasing from 8 to about 23 per week so far and wages come bi-weekly), so if taxes end up eating all my wages, would I be able to have the rest of them taken out of my winnings?
I'm sorry, this is my very first job and I'm new to the concept of taxes as a whole, so I'm not sure if it's safe financially to keep entering these sweepstakes or not.
NO. Sweeps wins are separate & dealt with when you file.
Let's say you made $30,000 for the year and won $10,000 from sweeps. The $30,000 gets reduced in steps and the $10,000 gets added to the reduction and changes your tax bracket.
Hubby made $80,000 with like $6,000 in winnings, so we had to pay last year, over the $8,000 already withheld. BUT, it was still only a 12-15% tax bite!
OK, what do you have withhold at? Just you? Unless you win thousands of $$$ in prizes, you should be fine!
Taxes withheld, depending on your specific circumstances, are either returned when you file, partially returned, or used to offset your tax burden, depending on your specific bracket.
Look online for an old tax bracket to get a rough idea.
Basically, the higher the withholds, the less taken from your paycheck, but that doesn't mean you get to keep it if your tax burden is high.
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esdeathfarron
New member
I just claimed myself when they had me fill out the tax forms (can't recall which ones) when I was initially hired, so they would take less in taxes out of each paycheck, if that's what you meant by my withholding.
I definitely will try to look that up. This all seems a little complicated. *lol*
esdeathfarron
New member
Thanks for the link! ^^
tynec2723 - contact the sponsor - if the sponsor did fulfillment - if not, then contact the JA that did fulfillment for your 1099's
Used 1099 deadline 2017 as search term ;
Forbes Welcome
Most Forms 1099 arrive in January or early February, but some companies issue the forms throughout the year when they issue checks.
Although the initial deadline is January 31, issuers of the forms are not required to file copies of all Forms 1099 with the IRS until the end of February.
Most companies do not immediately file their IRS copies.
The usual one month delay can be a lifesaver, allowing time to address errors on a Form 1099 you think is wrong.
So contact the issuer if you receive one you believe is in error.
There may be time to catch it before the error goes to the IRS.
https://www.irs.gov/pub/irs-pdf/f1099msc.pdf
Used 1099 deadline 2017 as search term ;
Forbes Welcome
Most Forms 1099 arrive in January or early February, but some companies issue the forms throughout the year when they issue checks.
Although the initial deadline is January 31, issuers of the forms are not required to file copies of all Forms 1099 with the IRS until the end of February.
Most companies do not immediately file their IRS copies.
The usual one month delay can be a lifesaver, allowing time to address errors on a Form 1099 you think is wrong.
So contact the issuer if you receive one you believe is in error.
There may be time to catch it before the error goes to the IRS.
https://www.irs.gov/pub/irs-pdf/f1099msc.pdf
