What are the taxes on game show winnings?

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Larry McClanahan, Financial Advisor

@LarryMcClanahan • 02/08/16 This answer was first published on 02/08/16. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Winnings are added to your other ordinary income and taxed accordingly. If it's a smaller amount, it may not have that much impact on your federal income tax bracket. But with larger winnings, it may push you into a higher (or highest) federal income tax bracket. Don't forget state taxes too, where applicable.

Bob Maloney, MSFS, AEP, MSFS, AEP

@napfabob • 02/08/16 This answer was first published on 02/08/16. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Game show winnings, very much like lottery tickets or casino winnings are taxed as ordinary income. If the winnings are large enough, the sponsoring organization will be required to withhold federal and possibly state taxes which will cover the majority of taxes that may otherwise be due the following April 15. More than likely, you will recieve a form 1099 for your winnings. Hope this helps. Good luck

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