Tax Q: If you w/d in Dec, but receive in Jan

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Rambling Wreck Alumni
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Oct 24, 2006
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Do you claim the winnings for 2007 or 2008? I would think 2007 since they were winnings for 07, but I'm not sure how it works since you would cash the w/d in 08.. .
 

Rx Senior
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Dec 10, 2002
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When i worked in decemeber as a contractor adn got paid in Jan it was not shown on my current w2's.

I think it's the year you collect or get paid...
 

Rx Senior
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Dec 7, 2004
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If you are talking about payroll or independent contracting, you report the money when you physically receive it. So a January paycheck is the new year's money....same w/ 1099s.

If we are talking about gambling...this needs to be reported the when you win, NOT when you w/d. If you win 900,000 like winbet, then you do not "avoid" taxes by keeping it in the book. You need to report it regardless of whose account it is in.
 

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