Jim is single. He earned $19,500 for the year and received $2,000 of interest income and $1,500 from gambling winnings. He also receives $10,000 in Social Security income. ($19,500 + $2,000 + $1,500 + $5,000 = $28,000) Jim's provisional income will come to $28,000. He...
When you win, decide what to do with your winnings, and be sure to keep track of them. Don’t forget about taxes Depending on the amount you win, you may be required to report your earnings to the IRS and pay taxes on them. If you have any concerns, consult a tax professional. ...