Filing Taxes Requirements
Question: Do I have to pay taxes after winning the lottery and am under the minimum income amount to file?
I worked for 1 month this year and made roughly $1500. I won $1000 in July, and tonight I won another $1000. IRS.gov website says the minimum Taxable Income requirement is roughly $9000 for 2009. Lottery winnings are taxable and considered “other income”, according to the IRS, and my income for the year, at this point, is about $3500. Assuming I make less than the minimum taxable income requirement, do I have to file taxes only because I won the lottery?
Answer: No, you are not required to file the tax return if your total income is les than the filing requirement.
Only if tax is withheld from winnings, you will file tax return to get the refund.
Americans spend 6.1 billion hours on their taxes
Filing taxes takes too long, costs too much money and is far too overwhelming a process for taxpayers.
Tax Help : IRS Rules for Filing an Offer in Compromise
