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My mothers adjusted gross income is 6033, her standard

deduction is 6300, where will...
my mothers adjusted gross income is 6033, her standard deduction is 6300, where will the 2000 that she won in the lottery be entered on the 1040 form and does she have to pay a tax on this money
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: she is 72 years is the lottery winnings considered income and entered on the 1040. the 2000 is part of the adjusted gross income if I'm not mistaken
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2/4/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,005
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Yes, you report all gambling winnings on your Form 1040 (PDF) as "Other Income" (line 21),

...

And yes that's right it becomes a part of AGI at the bottom of the from of the 1040, (line 37)

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But don't forget about her personal exemption ... (4050 for 2016)

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The filing threshhold for a single files is the standard deduction (6300 as you mention) plus the personal exemption that everyone gets.

...

So she (unless there were other income or another need to file) should still be under the filing threshold, hence on TAXABLE income.

...

Please let me know if you have ANY questions at all, before rating me

But if this has helped, (and you don’t have other questions), I would appreciate a positive rating - using those stars on your screen – and clicking submit.

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Thanks,

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,005
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Customer reply replied 10 months ago
if I understand correctly line 43 amount would be 0 because she has no taxable income

That's right.

...

Thanks for the rating

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
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