Tax on rodeo winnings?

[Bigfoot]

It's a pretty common practice to have to fill out a w9 to be paid. If I get a 1099, I just give it to my tax guy. New problem, two of my kids got 1099s this year.

How do you handle that?

 

[talltimber]

Heh Heh. Give it to your tax guy too.

How old are they?

 

[Bigfoot]

Heh Heh. Give it to your tax guy too.

How old are they?

11

 

[TennesseeTuxedo]

Income below a certain amount may be tax exempt. Ask your tax guy.

 

[slick4591]

Unless they've hit some big jackpots they will have to file but probably won't have to pay anything.

 

[TB521]

Back when I raced the track would only send them out of you made atleast $1200

 

[fenceman]

Talk to your cpa. Back several years ago I won a pretty good chunk in a bass tournament. I had to pay some tax on the money but was also able to make some deductions on expenses.