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If I win $25,000...what would I owe in taxes? What do you…

If I win $25,000...what...

If I win $25,000...what would I owe in taxes?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

What do you need to know?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No, I think I've won $25,000 or a new car. But I don't wish to claim either if it is going to cost me a large sum of money to claim either one.

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Answered in 1 minute by:
3/19/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,629
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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If you win $25000 or a new car you do not pay to retrieve the prize. For cash they usually withhold and for a car they would issue you a 1099MISC reporting the value and you add that to your tax return.

For either you do not pay tax up front.

You always add the amount or the value to your tax return and then you are taxed on your total income for the year.

If you had no other income at all and the $25000 was all, you would owe about $1700.

Never (NEVER) pay any amount if someone says you won and have to pay upfront.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,629
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Category: Tax
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Experience: 15years with H & R Block. Divisional leader, Instructor

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