This person didnt even answer the question. Just running off at the mouth about nothing. You would have to pay taxes on any interest earned in subsequent years, not on the principal again. So if it is "without having any income from that money", then no, there is no additional tax on merely being rich -- only upon getting richer. However, if you buy taxable property, you may have to pay annual property taxes for as long as you own it, whether or not its value changes, then income tax if you sell it for a profit (with some exceptions).
The above may be true in some countries, but not in others. In some countries, you would have to pay tax each year just for having the money. France, for example, has a wealth tax.
Yes this is possible. You will know the amount after you complete your 2009 income tax return.
Go to www.irs.gov and use the search box type FREE TAX HELP AVAILABLE NATION WIDE
Nearly 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations performing vital tax preparation services for low-income and elderly taxpayers.
The IRS Volunteer Income Tax Assistance (VITA) Program offers free tax help to people who earn less than $49,000. The Tax Counseling for the Elderly (TCE) Program offers free tax help to taxpayers who are 60 and older.
EITC-eligible taxpayers also can seek free assistance at the 400 IRS Taxpayer Assistance Centers nationwide. To assist EITC taxpayers, 167 IRS TACs will offer Saturday service on Jan. 30, Feb. 6 and Feb. 20
This could be possible or you could possibly receive a refund of some of the amount that was withheld from your winnings at the time that you received your payment amount.
You will only know the answer that you want after you complete your income return correctly after you have included your lottery winnings on your 1040 income tax return and added the amount to all of your other total gross worldwide income then the taxable amount will be subject to your marginal tax rate amount. The maximum marginal tax rate is 35% of your taxable income. The rates go from -0- % to the maximum 35 % rate.
taxes on lottery winning of 800,000 in the state of WA
yes because it is a winning
do I have to pay State and Federal taxes on Md. lottery winnings
Income tax.
If you don't want to be sued for tax evasion, even as a veteran, you would have to pay taxes on $50,000 in lottery winnings.
Yes you will have to pay state taxes to North Carolina after adding your lottery winnings to all of your other gross income on the state income tax return.
Unfortuneatly, the olympians from the USA do have to pay taxes on the winnings from the medals awarded.
Not unless your a professional gambler.
Washington State does not have a personal income tax, so you will not pay any state income tax. You will still pay Federal income tax on lottery winnings, though.
You don't have to pay tax on gambling winnings in the UK.
The taxes on prizes must be paid at the time you pay income tax for the year in which the prizes were awarded. If you have cash winnings, money is typically withheld from your winnings for taxes.
Ideally by getting a job using the qualification you needed the loan for in the first place, or winning the lottery.