Income and Investments How Do Game Show Winnings Affect Your Taxes? Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxBlogTeam Published Dec 8, 2023 2 min read Reviewed by Katharina Reekmans, Enrolled Agent Imagine this: you’ve made it to the final showcase of a popular game show – and the grand prize is the largest lump sum of cash in TV history. Suddenly, the host announces that you have just nabbed the top spot! Thousands of people win big on game shows every year. The chance of hitting the jackpot is part of the thrill and excitement of game shows, but keep in mind you do need to report any prize winnings on your taxes. But it doesn’t have to be overwhelming! TurboTax makes it easy to report any prize winnings or gambling jackpots. So, what qualifies as taxable prizes? The IRS has created the following seven facts you need to know about winnings: Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races, and casinos, as well as the fair market value of prizes such as cars, houses, trips, or other non-cash prizes. (Like all-inclusive paid trips!) Depending on the type and amount of your winnings, the payer might provide you with a Form W-2G and may have withheld federal income taxes from the payment. The full amount of your gambling winnings for the year must be reported on line 21 of IRS Form 1040. You may not use Form 1040A or 1040EZ – but no need to worry; TurboTax will handle this for you. If you itemize deductions, you can deduct your gambling losses for the year. Keep in mind that you cannot deduct gambling losses that are more than your winnings. It is important to keep an accurate diary or similar record of your gambling winnings and losses. If you deduct your losses, you should be able to provide receipts, tickets, statements, or other records that show the amount of both your winnings and losses if you need to provide substantiation. Whether you’re racking up the dough at Vegas slot machines or winning for than a million dollars on a reality series, TurboTax allows you to easily file your winnings. Don’t worry about knowing these tax rules. Meet with a TurboTax Full Service expert who can prepare, sign and file your taxes, so you can be 100% confident your taxes are done right. Start TurboTax Live Full Service today, in English or Spanish, and get your taxes done and off your mind. Get started now You know your small business—we know business taxes. Our self-employed and business tax experts will ensure you get every tax break with 100% accuracy, guaranteed. Start for free 100% free to start. Pay only when you file. Previous Post Grow Your Money By Investing in Stock, Bonds, & CDs Next Post Crypto Tax Calculator Written by TurboTaxBlogTeam More from TurboTaxBlogTeam One response to “How Do Game Show Winnings Affect Your Taxes?” I flew out to California with the specified intent of going on a game show. I won money on the show, in excess of my meticulously-tracked trip expenses. A) are my travel expenses (those specifically associated with the show, namely flight and lodging) deductible, and B) if they are how do I indicate them in my taxes? (FYI, I am a TurboTax customer.) Reply Leave a ReplyCancel reply Browse Related Articles Tax Help How to File a Business Tax Extension: Deadlines, Forms, and Penalties Tax Tips The White Lotus Tax Lessons: Navigating Gift Taxes, Lump Sum Payouts, Hush Money, and the IRS Tax Questions What Day Are Taxes Due? April 15! How to File for a Tax Extension or Pay Taxes Online Tax Questions What Happens If You File Your Taxes Wrong? Late Filing Penalties, Interest, and More Tax Questions What’s Tax Deductible? A Guide to Mortgage Interest, Long-Term Care, Funeral Expenses, Student Loans, and Roth IRA Contributions Tax Questions Is it Better to Get Your Taxes Done or Do Them Yourself? (And Other Tax Questions Answered) Tax Forms What is a 1099-K Form? How to Report Payments on Your Tax Return (2024) Tax Forms What is a 1099 Form? A Guide to Understanding Your Tax Obligations Income Tax by State Wisconsin State Income Tax in 2025: A Guide Income Tax by State West Virginia State Income Tax in 2025: A Guide
I flew out to California with the specified intent of going on a game show. I won money on the show, in excess of my meticulously-tracked trip expenses. A) are my travel expenses (those specifically associated with the show, namely flight and lodging) deductible, and B) if they are how do I indicate them in my taxes? (FYI, I am a TurboTax customer.) Reply