Quote:
Originally Posted by Starscream
How are the winnings categorized? Is it considered earned income or prize winnings? Prize winnings is taxed higher than earned income I beleive. I'm an idiot when it comes to this subject, so anyone who knows feel free to correct me.
|
Don't know, Andy. My accountant has never asked if I had prize winnings (I haven't), so didn't know that there was such a category in the federal code. Have you had to pay a separate federal tax on prize winnings?