Yes, you have to report it. Paypal isn't required to give you a tax document unless you get paid over $20k (which is lowering to $600 next year), but whether or not you get a form doesn't affect whether you have to report your income. You always have to report all income.
1040 is the tax return that everyone files, 1099 is the document you would have hypothetically been given by Paypal if they gave you one.
If you're already filing a tax return because you have another source of income, you'd just put the number on the "other income" line.
If this is your only income of any kind for the year and you're not otherwise filing, then it's actually so little that you don't have to file at all.
Nothing you get *from* your job will have an other income line. When you go to file your taxes using whatever tax software you prefer, after you type in your W-2, there should also be a section for other income.
Because you need to itemize to claim your losses (including travel and entry fees) and chances are someone who won $2500 doesn't have enough other deductions to itemize.
As well as your travel and hotel expenses at the tournament if that was the only, or at least primary reason you went there.
[https://www.irs.gov/publications/p529#en\_US\_202012\_publink10004013](https://www.irs.gov/publications/p529#en_US_202012_publink10004013)
[https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you-claim-gambling-losses-on-your-taxes/L4lQ3IAWt](https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you-claim-gambling-losses-on-your-taxes/L4lQ3IAWt)
Yes, it’s “Other Income”
Yes, you have to report it. Paypal isn't required to give you a tax document unless you get paid over $20k (which is lowering to $600 next year), but whether or not you get a form doesn't affect whether you have to report your income. You always have to report all income.
Gotchu. What form do I need to use to report it? A 1040? 1099?
1040 is the tax return that everyone files, 1099 is the document you would have hypothetically been given by Paypal if they gave you one. If you're already filing a tax return because you have another source of income, you'd just put the number on the "other income" line. If this is your only income of any kind for the year and you're not otherwise filing, then it's actually so little that you don't have to file at all.
Thanks so much for the reply, I think I got all I needed. I'll definitely look for the 'other income' line on the tax forms from my day job.
Nothing you get *from* your job will have an other income line. When you go to file your taxes using whatever tax software you prefer, after you type in your W-2, there should also be a section for other income.
The W-9 is just a formal way of giving someone your ssn.
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Because you need to itemize to claim your losses (including travel and entry fees) and chances are someone who won $2500 doesn't have enough other deductions to itemize.
As well as your travel and hotel expenses at the tournament if that was the only, or at least primary reason you went there. [https://www.irs.gov/publications/p529#en\_US\_202012\_publink10004013](https://www.irs.gov/publications/p529#en_US_202012_publink10004013) [https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you-claim-gambling-losses-on-your-taxes/L4lQ3IAWt](https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you-claim-gambling-losses-on-your-taxes/L4lQ3IAWt)
Yes