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Submitted 356 days ago...

JLB

JLB

New User (1)

Social security dissability and gambling

If a person wins 5000.00 dollars and is drawing social security dissability, what are the rules? do they get to keep the winnings and keep their social security dissability check in the state of oklahoma?

 
Answer
 

Submitted 337 days ago...

Ruchele

Ruchele

Brain (3,610)

This is considered income. You must file Form 1040 and include all of your winnings. Gambling income includes, among other things, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips.

Anyone who pays your winnings or awards you a prize is required to issue you a Form W-2G if your winnings are subject to Federal income tax withholding or if your winnings are over a certain amount.

So if your state pays your diability payments based on your monthly income, then yes, you may get less disability for a short time based on your gambling winnings.

http://www.irs.gov/taxtopics/tc419.html

 

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