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If your prize money totals between $500 and $5,000, you must file Maryland Form 502D and pay the tax on that income within 60 days from the time you receive the prize money.
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Wow - seems a sneaky way for the state to accumulate some P & I income. Who would think this would be something that couldn't fairly wait for the annual visit with one's CPA?
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"Have the clean racing people run any ads explaining that giving a horse a Starbucks and a chocolate poppyseed muffin for breakfast would likely result in a ten year suspension for the trainer?" - Dr. Andrew Roberts
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