|
Q.Are winnings from a game show taxable?
A.Yes. Game show winnings, both prizes and money, are treated as taxable income. The party responsible for the game show should send you 1099 for the prizes and/or money you received, which you will need to attach to your tax return and report as miscellaneous income.
IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this web site is not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed on a taxpayer under the U.S. Internal Revenue Service.
|
