How much money does the government take in taxes on a? 40,000? Winning on Wheel of Fortune?
It depends on the rest of your income. The $40,000 must be added to your 1040 form, where it will be taxed as regular income. In cases where the prize is an object (i.e. new car), the fair market value is added to the taxable income. ChaCha on!
Answered by Zanetta Y. -
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