March Madness is almost over, which means a handful of the millions of Americans who bet on the tournament are about to get their payouts.
While the NCAA tournament is the second biggest gambling event of the year, the real winners are the schools and coaches of championship caliber teams. The players? Not so much. Check out this infographic for a full financial summary.
If you are betting on March madness, don’t forget that all income (under-the-table or not) is taxable. To report gambling winnings, file your them as “other income” on your 2013 Form 1040. If you won a lot, consider consulting a tax attorney.
See our full infographic collection here.
JDKatz, P.C. is a full-service law firm focused on tax law and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.