“Filing a 2021 tax return allows you to receive the Recovery Rebate Credit that you deserve.”Įmail your questions to *protected email*. “Under your scenario, you will not be required to file a tax return for 2021, although you may want to consider filing if you did not receive your $1,400 Recovery Rebate Credit in 2021,” she said. Social Security does not count as taxable income, she said, so based on the income you stated, it appears no taxes will be due on your winnings. Whether you will owe taxes to the IRS depends on whether you are required to file a tax return in 2021.Īssuming you are single, you need to file a tax return this year if your gross income is more than $12,400, or $14,040 if over age 65, said Gail Rosen, a Martinsville-based certified public accountant. Congratulations on your gambling winnings. Do I have to remit income to the IRS even if I’m still below the taxing limit?Ī. I hit a small jackpot of $1,205 on a $1 bet.
