Report winings to IRS taxes are how much?

Question

OKay, I entered myself into a radio contest for a chance to win a 10,000 dollar shopping spree to a mall. Well, I know i'd have to report my winning to the IRS and pay taxes. I just want to know how much would the taxes probably be.

Answer 1

The $10,000 would be added to your taxable income for the year and taxed at your marginal tax rate or your tax bracket.

Answer 2

The fair market value of the prize is added to your AGI.  To answer you question would require more information about your potential tax return.  However 15 to 25 percent is a good guess for Federal income tax purposes.  If your state has income tax you would add their share.

Answer 3

The federal income tax amount will depend on your bracket.  Depending on what other income you have it could be well under $1000, would more likely be $1000-$1500 if you already have other income, and could be as much as $3500 if you have a huge salary.

You would probably also owe state income tax on the money if you win.

Answer 4

In addition to what Frank said, if you spent anything on gambling and lost, those losses can be taken against your winnings.  Gambling losses can only be netted against winnings however.  You can't reduce your taxable income from a job with those losses.

Answer 5

that would depend upon your income level - the percentage we pay in taxes is determined by the income bracket we are in - for example if my mother who lives on social security won 10,000 she still wouldn't owe any taxes because she still has more deductions than income

Answer 6

You can go to www.irs.gov, and check out the tax table.  Take your taxable income form last year, and on what the winnings may be, and then you can see what the total tax due would be.  Good luck!

Answer 7

dependt if u have a depends , probably u have to pay 2500 dollars  

Answer 8

Don't count on the prior advice of deducting your gambling losses. This would be a prize not gambling winnings. You cannot deduct gambling losses against prizes won.