What percentage will I pay on my gameshow winnings

[Imbeau]

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.

[Bsch4477 · Accepted solution]

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. 

[Imbeau]

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

[Bsch4477]

Correct.