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Do they take any other money out of the total lottery winnings besides taxes?
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∙ 12y ago
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What does the government do with the taxes from lottery winnings?
Taxes on lottery (or gambing, etc) winnings are the same as any other ordinary income in both amount and use.
Will winning the lottery effect your Social Security benefits?
Lottery winnings will NOT count as a part of your earned income for the earnings test amount because the winning amount from the lottery is NOT earned income. Yes the amount of the lottery winnings will affect how much of your social security benefits will become taxable income on your 1040 income tax return. Depending on the total amount of all of your other gross income including the lottery winnings from 50 % to 85 % of your SSB can become taxable income on your federal income tax return at your marginal tax rate.
Can credit card debt collect against NY state lottery winnings?
Only if the have a valid judment. If they do they can levy against the winnings just like any other asset of the debtor.
If you owe government student loans will the lottery take it out of your winnings?
You do know what is going to take place when you owe back taxes, penalties and interest from past years. And of course they will already have some income taxes that were withheld from your winnings that you will have to file a 1040 federal income tax return for to report your winnings and all other sources of gross worldwide income on.
Do you pay state taxes if you win North Carolina state lottery?
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.
Are taxes on lottery winnings the same percent as other income?
At the end of the tax year after your 1040 federal income tax return is completely and correctly YES.
Is there state tax in California on lottery?
Yes, California does collect tax from California Residents who win lotteries from other states. See Page 4, Line 21 of this State of California Franchise Tax Board document: http://www.ftb.ca.gov/forms/2010/10_540cains.pdf Quote: "California excludes California lottery winnings from taxable income." However, "Make no adjustment for lottery winnings from other states. They are taxable by California." Federal taxes will be collected on most lottery winnings as well.
What is the Louisiana state tax percentage on large lottery winnings?
Lottery winning are the same as any other earning...and will be taxed federally and locally as any other income of that amount would be (which of course depends on many things, income level, number of dependents, number of deductions, etc.etc.)
Can child support put a hold on a refund?
Tax refund, yes - also, State lottery winnings and virtually any other State or Federal payment (excluding public assistance/SSI).
What percentage of taxes are withheld from Tennessee lottery winnings?
Taxed as any other ordinary income...meaning at your own personal rate consideing all deduction, exemptions, etc.
Where is it possible to get cash for annuities?
Cash for annuities includes investment in the stock market or through bonds and other financial investments. One could also receive cash payments through lottery winnings.
What services are offered by Peachtree Settlement Funding?
The Peachtree Settlement Funding company is a firm that essentially assists people with getting cash from structured settlements. This includes annuities, lottery winnings, and other long-term payments.
