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Im unemployed but I won $20k in a poker tournament in a casino

I'm unemployed but I won...
I'm unemployed but I won $20k in a poker tournament in a casino in 2011. The IRS sent me a letter that asked where my 2011 tax return was. Do I file a 1040 with and attach a schedule C listing the $20k? I prepared the return online and it came out to $3,640 I owe (which I don't have). It was mailed to me to sign and send in.
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Answered in 1 minute by:
8/20/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Robin D. :

Hello and thank you for using Just Answer,
The Schedule C would be if you play poker as a full time occupation. That would also mean you would owe Self Employment tax on the winnings over $400.

Robin D. :

If you do not gamble as a profession and this was a one time winning

Robin D. :

you need to file the winnings as Other and not Schedule C income.

Robin D. :

You can claim gambling losses on the Schedule A if you can substantiate them and your Schedule A is more than standard deduction.

Customer:

So, will I find "other" on the 1040?

Robin D. :

Line 21

Robin D. :

Did the casino issue you a 1099 on the winnings?

Customer:

yes

Robin D. :

Was it a W2G?

Customer:

I don't know

Customer:

I think it was a 1099

Robin D. :

The winnings on the doc you received would be Other Income on your 1040 line 21

Robin D. :

You would not pay self employment tax on the winnings

Customer:

thank you very much. I'll now pay the #10

Robin D. :

You are most welcome

Customer:

oh

Robin D. :

I really enjoyed working with you – please feel free to request me again when you come back to ask another question.

Customer:

and

Robin D. :

Yes

Customer:

how do I handle the fact that I don't have any money?

Robin D. :

You can request to pay by installment agreement

Robin D. :

The IRS will allow you to pay some each month

Customer:

ok, thanks again!

Robin D. :

If you can send some with the return that is good

Robin D. :

if not

Customer:

will do

Robin D. :

Your positive rating is always thanks enough.

Customer:

will do

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
15,871 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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