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If you win money betting on the Super Bowl this weekend, don't spend it all at once - you'll have to pay taxes on those earnings. The money you win through gambling - whether that's through gambling sites or apps, casinos, raffles or fantasy sports leagues - is considered taxable income by the Internal Revenue Service. If the winnings are $5,000 or greater, the business that processed your bet might withhold up to 31% of the proceeds for federal income tax, according to the IRS. This will be indicated in Box 4 of your W-2G. For that reason, experts recommend keeping a good record of your gambling wins and losses throughout the year. Once you have your records together, you'll need to report your winnings as "gambling income" on line 8 of your Form 1040, Schedule 1, which is used to report types of income not listed on the primary 1040 tax form. That total is then added to Form 1040 line 8, under "other income. " designer bags cyber mondaydesigner bag replicas
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