So, my daughter won a sweepstakes in 2016 valued at $5000. She turned 17 in 2016. She had no other income (no job or interest).
Does she need to file a tax return for that $5000?
Help?
Thanks!
Question for a CPA... minor and taxes
March 16th, 2017 at 04:15 pm
March 16th, 2017 at 05:18 pm 1489684709
March 16th, 2017 at 11:00 pm 1489705218
March 17th, 2017 at 12:34 pm 1489754058
Was there any withholding? $5,000 prize should most likely have had tax withheld already and your child might get a refund.
March 18th, 2017 at 06:32 pm 1489861922
Bummer about the taxes.