Prizes, Lottery, and Gambling Winnings
Other Income
Most folks know what to do with wages or capital gains but you may receive various types of payments throughout the year; some are taxable and others are not taxable. Pay attention to the rules and you won't pay more than you owe.
Examples of taxable items include:
- Taxable state tax refunds
- Prizes, gambling winnings and awards
- Cancellations of debt
- Your share of partnership, S corporation, trust, or estate income or loss
- Income in respect to a decedent
- Life insurance proceeds
