Do you get a tax refund on lottery winnings?
If you can prove losses equal or close to winnings then yes.
In the UK there is no tax on lottery winnings, if you win Â£750.00 you get to spend all of it.
There is income taxes due on winnings at a casino. The only way you could get a refund on such winnings is that taxes are withheld from your winnings that exceeded your tax liability.
In the UK there is no tax to pay on lottery winnings, although the govenment do take tax before the prize fund before any winnings are paid.
California does not tax have a state income tax on lottery winnings. The federal withholding rate amount is 25 % to be withheld from the winnings amount.
Tax refund, yes - also, State lottery winnings and virtually any other State or Federal payment (excluding public assistance/SSI).
All of them.
they tax the sh*t out of it!
There are no state or local taxes on lottery winnings in Pennsylvania. There is however a federal tax of 25 percent of the winnings for any prizes that are over $5,000.
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.
Backup withholding is 28 percent.
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.
Tax is withheld on all winnings in the Kansas lottery over 5,000 dollars. If less than that is won, the amount won should be claimed on tax forms.
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… Read More
Yes. The tax man will never leave you alone!
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… Read More
on 1 million or more it is 40% max
No. Your lottery winnings will be reported on your 1040 federal income tax return and the taxable amount will be subject to the income tax at your marginal tax rate.
If you have any kind of gambling winnings the payer may have to withhold income tax at a flat 28% rate. When you complete your federal income tax return correctly and your lottery winnings is large enough you your marginal tax rate maximum amount at this time for the 2009 and 2010 tax year was and is 35% maximum marginal tax rate for an individual taxpayer.
lottery winnings are unearned income.
When they send you the 1099 for your winnings last year it will be listed on that form.
nearly fifty percent it is around forty-something percent
It depends on where the casino is. Most of the casinos in the U.S. deduct a state tax on slot payouts above a certain amount, then also, you are supposed to claim winnings as income when you file your income tax each year. You can, however, deduct losses up to the amount of your winnings. You can contact Refund Management Services to get your casino tax back. They will always help you to recover portion… Read More
Yes online lottery winnings would be taxable income the same as any other worldwide income that you receive from all sources that you will have to report on your 1040 federal income tax return and pay some income taxes on the TAXABLE amount of your income at your marginal tax rates.
At the end of the tax year after your 1040 federal income tax return is completely and correctly YES.
Since winnings are the opposite of losses, your question is very confusing. Perhaps your lottery winnings were stolen. If so, you can report the theft to the police.
Yes and also some other types of winnings. Gambling winnings from horse racing, dog racing, jai alai, lotteries, keno, bingo, slot machines, sweepstakes, and wagering pools.
According to the information at the link below your heirs are entitled to any unpaid lottery winnings.
That depends upon the state. Some will tax it, others will not. The Federal Government will tax it in all cases. There are some local taxes that might apply as well.
You can write-off gambling losses up to the amount of gambling winnings.
Yes. See the 1040 tax form, page 1, Line 21, Other Income.
Yes. The lotery win is not included in your tax (in most countries) thus if from your paid ernings you are owed a tax refund you should/will get it. Next tax year you will be liable to the intrest earnings on your win.
Yes, unless the other state does not have an income tax or it specifically exempts your winnings from its tax. For example, California exempts California state lottery winnings from its income tax. You also pay tax in your state of residence at the time you receive (or are entitled to receive) the winnings. Generally, one of the states will allow a credit for the taxes paid to the other state.
Yes. Both are utterly irrelevant to lottery winnings.
can a convicted felon claim a mega million or powerball lottery winnings in georgia
MA state tax will be witheld on all winnings from $600-$4999. Ma state tax + 25% federal is withheld on 5k and above.
The same tax rules on lotteries apply no matter what age you are, even if you are over 65.
Yes, just like lottery winnings you have to report the value of the car and pay tax on the value.
Illinois withholds 3% of the winnings but you will not the total amount of taxes that you will owe until your income tax return is completed correctly. The federal amount can be any where from 28% up to 30% for the federal withholding amount depending on certain situations.
Taxes on lottery (or gambing, etc) winnings are the same as any other ordinary income in both amount and use.
Age would not have any affect on the requirement that taxes be withheld from your lottery winnings as long as you are still living.
Yes. The full amount of your (Lottery) gambling winnings for the year must be reported on line 21 other income of the IRS Form 1040 page 1. The amount will be added to all of your other gross worldwide income and taxed at your marginal tax rate.
Not directly. You receive the total prize allotted for the numbers you have registered - there is no tax deducted. However - once you deposit your winnings into a bank account, you will pay tax on any interest earned.
Yes the same as anyone else they would have include the lottery winnings on the 1040 income tax return and the the amount will be added to all other gross worldwide income and taxed at the marginal tax rate.
The taxes withheld from Florida lottery winnings is 25 percent as required by the IRS. This only applies to winnings over the amount of $5000.
You will ultimately pay tax on it just like any other income...although gambling losses are deductible against gambling winnings. That amount depends on your own personal circumstances.