Taxes on Contest Winnings

Question

Hey allI just joined yesterday (such a great website/community so far)For past contest winners who have won $1K and above, do you have to/did you write that off in your taxes?I know you receive the money via PayPal, but would you have to put it down as "additional income" or do you just tell the IRS to mind their own business and enjoy your winnings. Or does Covers take out taxes before you even receive it via PayPalThanks! =)

jazzyfizzle1121 · Answer

Hey allI just joined yesterday (such a great website/community so far)For past contest winners who have won $1K and above, do you have to/did you write that off in your taxes?I know you receive the money via PayPal, but would you have to put it down as "additional income" or do you just tell the IRS to mind their own business and enjoy your winnings. Or does Covers take out taxes before you even receive it via PayPalThanks! =)

zillagod · Answer

The way I understand it, and anyone correct me if I am wrong, but first, Covers does not deduct taxes. Taxes are the sole responsibilty of the winner. Second, anything you win over $600, Covers will most likely require you to fill out a W whatever form, tink it is W9. And third, all winnings are taxable income, and its up to you if you want to try and evade the IRS ( not recommended ) .

OMNI23 · Answer

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

Taxes on Contest Winnings

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