little lottery illinois

little lottery illinois

So this is my first time filing taxes and i’m really afraid that I will owe money.?

I just graduated college and I have never filed taxes before. I recently started selling Mary Kay, I have loans, and I worked a little bit earlier in the year. I don’t know if I am supposed to file the loans although i haven’t paid anything back yet. I also won the lottery twice in Illinois. Can somebody please help???

If you made over $300 from mary kay, they will send you a 1099 for misc income, you will be required to pay taxes on it. There are many programs for students, the lottery won’t send you a 1099-G unless you made a substantial win, if you cashed it at the store then no need reporting. You should look up the 2010 IRS tax table and find out what your tax liability is (which is based on how much you made). Then subtract any federal taxes that you paid into for the year from your brief job. Like I said, there’s a couple of credits this year for students which may get some money back in your pocket, once you start paying interest on those loans, you’ll get tax deduction for that

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