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2011年8月1日星期一

Do you have to put any money you win on your 1040ez tax returns?

-I live in NC, and there are these gambiling places that are legal called sweepstakes, which are like casino games, but different because you are putting money down towards other things like internet services or calling cards for your phone. Anyways, I hardly ever play those games, but I recently won 300 dollars not too long ago, and my dad was saying I would have to include those in my tax returns, but I've never seen that option in the 1040 ez when I've read the instructions. I always have someone else fill out my taxes, but do I need to mention that I won? When I received my winnings, no taxes were taken out of it, and the owner of the sweepstakes gave me the entire $300 in cash? Also, what about lottery winnings or game show winnings? How does all that work too on 1040ez? Any info will help because I've never won anything before.Since you have other income which already requires you to file a federal income tax return, you are legally required to report your $300 sweepstakes win as income. The same would be true if you had lottery or game show winnings. There is no place on the 1040EZ to report this income, though. Instead, you would have to file a Form 1040. Yes, you should tell your tax preparer about your winnings. It will probably increase your tax liability by $30 to $45.When you do a tax return, you must include any money you won. If you cannot include it on the 1040-EZ, then you must not do a 1040-EZ, and must instead do a different form that has a place for the money you own.
the 1040EZ is the simplest form with the least amount of options to report

you may have to use the a or even the long form

however if $300 is your total income for the year you would not need to report it on any form
You'll have to use form 1040, not EZ, this year to file, to report the $300 and whatever other income you have.

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