Tourny winnings tax question
 

I got my tax form from cca in the mail for the trout shootout. I was wondering do I need to send this form to someone or bring it wit me when I do my taxes next year? And what would y'all think the percentage they are gonna tax me on $5000

28%

take it with you when u get taxes done 500.00 or there about so better save some of it

i hit a couple of taxable jackpots at the casino and they keep 30% for taxes if you ask them to take taxes. I got a little of it back at tax time.

Ull get a 1099 in the mail come tax time..... I'd put 30% away n an account to cover u.
It just depends on Ur total income at the end of the year.

More like 1500. I got the 1099 already

where did you get the $1500 from? The 1099 should only have the amount you won and you should bring it with you when you get your taxes done.

30% of $5000 is $1500....

^^^

Casino told me they hold the max. out so that you are covered no matter what bracket you fall into. I'm sure tourneys do same.

Save your recipts for gas for tourney day plus 5-10 more trips that you had to "prefish", baits, food , drinks , ect ..... N write it off toward your winnings

Once you get all your income and if you go long form you can hide that in.....should not affect you........ I get about 4 or 5 extra 1099 a year and just turn them all in to Tax Broker... Its just extra non taxed income...... If you normally get money back you will be fine, this will not effect you...now if it was 20 or 30K that would be different

A word of advice. Under no circumstances do you want to give the IRS a reason to look at you. Go talk to a CPA.

Just blows my mind that they tax a fishing tournament winning with all the taxes that u pay to fish a tourny. That's for another day. Don't get me started on the government.

1099's are sent out on any winnings over $500. Agree with evis about the IRS, I wouldnt try to write off tournament expenses unless I could show them considerable entry fees.

Maybe I'll get a break this year. I aim single and none all year long and I'm getting married in october

Probably not going to get a break if your future wife works also, you will then be considered a "DINK" double income no kids


When you start a family you will start getting a "break" ;)

She doesn't work any more and she has a child

Awesome, you get a "break" right away!


Still keep at least 30% of your winnings to cover taxes. The winnings are considered non-labor income and you will be taxed the highest percentage. Since your status is changing it may not end up being that much, but be safe not sorry. I agree it sucks, but at least you still have $3500 to spend on what you please, not bad!