JUST created an account here today. I like what I see....
So, I've searched thru many threads, and just wanted to clarify the BEST way to do taxes (if at all). I'm a college student in PA, and I got lucky and won some $4,000 odd. In my bank account, the highest amount at once that I've ever deposited was $500, graduation money. From the $4,000 I withdrew $750 (from sportsbook.com) and intend to withdraw the rest when I get my check. (Worried this may raise red flags)
My dad usually files my taxes using a 1040. Now, I have a legit job AND this online thing going. I'm going to ask him if, instead of going professional, if he would let me do my own taxes online (probably use the 1040A). Should I report this? Should I bother filing the W-2G forms, or should I add it additional income on the 1040 ($4000 is more than I've made in 6 months at my job lol).
Also, should I start worrying about this in March or April?
I'm also a little worried about the legality of offshore gambling. What's the news on that?
Thank you guys!
So, I've searched thru many threads, and just wanted to clarify the BEST way to do taxes (if at all). I'm a college student in PA, and I got lucky and won some $4,000 odd. In my bank account, the highest amount at once that I've ever deposited was $500, graduation money. From the $4,000 I withdrew $750 (from sportsbook.com) and intend to withdraw the rest when I get my check. (Worried this may raise red flags)
My dad usually files my taxes using a 1040. Now, I have a legit job AND this online thing going. I'm going to ask him if, instead of going professional, if he would let me do my own taxes online (probably use the 1040A). Should I report this? Should I bother filing the W-2G forms, or should I add it additional income on the 1040 ($4000 is more than I've made in 6 months at my job lol).
Also, should I start worrying about this in March or April?
I'm also a little worried about the legality of offshore gambling. What's the news on that?
Thank you guys!
