Question:

How do I report my winnings?

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I've been winning some money from poker cash game from a casino and it adds up to $16g this past year, so how do I file tax for it since the casino doesn't give you any paperwork for an amount under $5k.

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4 ANSWERS


  1. In UK winnings are tax free


  2. buy gold sovereigns and stick them under your floorboards

  3. where are you as in what country

  4. If you're in the U.S., gambling winnings go on Line 21 of Form 1040, which is labeled "Other Income".  

    If you are reporting the income, you should also look into whether you might need to make estimated tax payments.  In order to avoid having the IRS charge you an interest penalty, you have to pay in 90% of the current year tax liability (or 100% to 110%, depending on your income level, of the previous year's tax liability, if that is smaller).

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