Prize winnings from a radio contest...?

Question

I recently won $1,000 from a radio station giveaway. There was no bet or wager involved, so do I report it on my tax forms?

Answer 1

Yes, you will need to enter the amount on line 21 of Form 1040, "Other Income".  You will pay income tax on it but not social security or medicare tax.  That line gets carried along with the other forms of income to most state returns so you will end up paying state income tax as well.  But just putting it on line 21 will take care of everything.

Answer 2

Yes, it's miscellaneious income and is taxable.  The radio station will report it to the IRS, and also send you a form for it at the end of the year.

Answer 3

yes you will get a 1099 from the station

Answer 4

Yes. You will get a 10-99 from the station and it's included in line 21 on the 1040 form "Other Income".

Answer 5

Yes under other income. They will send you a 1099.