50/50 winnings

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I won $4,417 from a 50/50 raffle at a county fair this August. Do I simply claim this prize as income earned? Or do I need to request a 1099 or similar form from the fair board/county?

Thank you

DoninGA

Level 15

You do not need a Form 1099-MISC or Form W-2G for reporting the winnings. The winnings can be reported as gambling income without these forms.

Gambling winnings are reported on Form 1040 Schedule 1 on Line 8b. The amount from Part I of Schedule 1 Line 10 flows to Form 1040 Line 8.
Gambling Losses are reported on Form 1040 Schedule A as a Other Itemized Deductions. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

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