I won a sweepstakes cash prize of over $75,000. Where do I report this amount on my return? On past returns I have listed the win on "Schedule 1 - Additional Income and Adjustments to Income" under "other income" and put the total on 1040 as "other income". I am also employed full-time. I understand this will put me in a new tax bracket. The IRS site states that - "You must withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000. Withhold 24% of the proceeds (the winnings minus the wager). This is regular gambling withholding." This was not a win from gambling, no wager or payment was made. I will be issued a 1099-MISC for the prize money.
