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.

723

Level 15

Jun 3, 2019 1:59:25 PM

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

New Member

Jun 3, 2019 1:59:26 PM

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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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.