I won a 37 inch TV at a contest? It is about $1200. How much tax will I have to pay for this?

Question

I won a 37 inch TV at a contest? It is about $1200. How much tax will I have to pay for this?

Answer 1

Do you have other income that requires you to file taxes?  If so, enter the value of the TV on Line 21 of Form 1040 as other income.

The value of the prize will be added to your other income.  You will pay tax on the same basis as your wages (ordinary income tax).  You will not pay Social Security or Medicare.

You will not pay sales tax.  Your state will also tax this prize on the same basis as wages.

Answer 2

Income and sales tax (if you have any where you live).

Answer 3

Somewhere between 0% and 35%, depending on what tax bracket you fall in when you finally file your tax return.  Most people fall into the 10% and 15% brackets.

My answer only applies to federal taxes...state income taxes vary state by state.

Answer 4

Depends how much you make from other sources. If this is your only income, you won't owe anything.

Not enough information here to properly answer. Sorry