I was just notified that I won a $50 target gift sweepstakes that was drawn yesterday.

Christy - posted on 02/15/2011 ( 8 moms have responded )

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I was curious if anyone has won one of these before and if so what were the tax liabilities, etc. I'm excited but have never won one of these and don't want to be "got" for something that looks too good to be true! :) Your response would be appreciated!

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Amber - posted on 02/16/2011

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Any and all winnings are subject to taxation. Unless they meet four criteria for exclusion, and this does not meet the criteria.

[deleted account]

I thought it was any winnings over $100. You might be able to check the IRS website on it, or even call them.

Amber - posted on 02/15/2011

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In the US, you are supposed to include any winnings (gambling, raffles, prizes etc.) or the fair market value of the winnings as other income on your tax return. It is in reported on line 21 of your 1040.

It will only add to your gross income before adjustments, and because it is a small amount it shouldn't effect your return much.
Most people don't do this though :) haha

Kate CP - posted on 02/15/2011

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Did you enter in this drawing or was this one of those "You've won!" notifications that comes out of the blue? If it came out of the blue and you didn't enter into this drawing it's probably a scam and I would ignore it.

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