If I win the Superbowl Pool, do I have to pay taxes on it?

Did you enter a Superbowl spread for the upcoming big game on Sunday?
Some people get more excited for the spread than they do for the game itself, whether they be big eaters or big gamblers.

If you're looking for tips on minimizing the cost and maximizing the wow of your snack spread here's a few links:

Spend Under Fifty Bucks on a Superbowl Spread from Whole Foods
Includes Buffalo Chicken Wings, Guac and Chips, and Beer and Cheddar Dip. Guess Whole Paycheck has more than rabbit food after all.

Make an Edible Stadium for Your Superbowl Party 

Yep, an edible stadium. Go big or go home.

Cheap Recipe Blog's Superbowl Board on Pinterest 

Pick from a variety of low cost recipes. Pinterest isn't just for complicated hairdos.


If you're more concerned about gambling, I want to remind you that winnings from gambling might need to go on your tax return.

The IRS states on its website that:
 Gambling winnings are fully taxable and you must report them on your tax return. Gambling income includes but is not limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes such as cars and trips.

When your winnings are paid out, the payer is required to issue you a Form W-2G (PDF here) Certain Gambling Winnings if you have any winnings that are subject to federal withholdings or receive certain gambling winnings. All gambling winnings must be included on your Form 1040 on Line 21 as Other Income. This includes winnings that are not subject to withholding. Further, you might be held to an estimated tax on your gambling winnings. Further information on withholdings can be found in Tax Withholding and Estimated Tax, Publication 505. 

If you are considered a nonresident alien of the United States for income tax purposes and you have to file a tax return, you must use Form 1040NR (PDF), U.S. Nonresident Alien Income Tax Return. Refer to Publication 519, U.S. Tax Guide for Aliens, and Publication 901, U.S. Tax Treaties, for more information.

You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. Claim your gambling losses on Form 1040, Schedule A (PDF) as an "Other Miscellaneous Deduction" (line 28) that is not subject to the 2% limit. A nonresident alien of the United States cannot deduct gambling losses.

It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.