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What percentage will I pay on my gameshow winnings

Imbeau — Sun, 08 Dec 2024 23:03:27 GMT

I won $150,000 on a gameshow this year. I’m getting a 1099-misc in February and I’m having trouble understanding how much I will pay in taxes. I expect the $150,000 to be added to the money I earned this year and move me to a higher tax bracket. But will I have to pay extra on top because the 1099-misc means I’m an “independent contractor” and have to pay an extra 15.3% for social security. Any advice would be helpful I can’t find any consistant info.

Re: What percentage will I pay on my gameshow winnings

Bsch4477 — Sun, 08 Dec 2024 23:10:02 GMT

You will report the income as Other Income so it will be taxed at your marginal tax rate and not as an independent contractor. If you itemize you can deduct any documented gambling losses up to a maximum of your winnings.

Re: What percentage will I pay on my gameshow winnings

Imbeau — Sun, 08 Dec 2024 23:15:16 GMT

So would my marginal tax rate be the rate at my annual income of $50,000 or my annual income plus the $150,000 for a total of $200,000

Re: What percentage will I pay on my gameshow winnings

Bsch4477 — Sun, 08 Dec 2024 23:19:25 GMT

Correct.