Hi! I've just won a new phone worth $1300. How much taxes will I have to pay if I live in CA and unemployed? Also, how do i go about filing it. Thanks in advance.
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Hi! I've just won a new phone worth $1300. How much taxes will I have to pay if I live in CA and unemployed? Also, how do i go about filing it. Thanks in advance.
I haven't received my prize, an affidavit, or the 1099 form yet.
posted
June 3, 20191:59 PM
last updated
June 03, 20191:59 PM
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Hi! I've just won a new phone worth $1300. How much taxes will I have to pay if I live in CA and unemployed? Also, how do i go about filing it. Thanks in advance.
If you won a prize in 2019, you will not receive a form 1099-Misc until January 2020. You will use that to report the income. It will be taxed at your marginal income tax rate; probably 10% federal and 2% CA
Hi! I've just won a new phone worth $1300. How much taxes will I have to pay if I live in CA and unemployed? Also, how do i go about filing it. Thanks in advance.
Does this mean if the 1099 comes in early, I should keep it safe since I can't file until next year?
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