The Illinois CPA Society has some advice for taxpayers who are betting on the March Madness tournament and manage to win money on their picks for the brackets.
The ICPAS issued what has now become an annual tradition, an infographic providing the top tax tips for bracketologists on how to deal with the taxes on their winnings. The ICPAS noted that special tax reporting is required for gambling wins of at least $600, or 300 times the original wager. Gambling wins of $5,000 or more may require withholding taxes to be taken out before the winner gets the payout.
You can see the infographic below: