How is tax calculated on lottery winnings?

In the UK there is no tax on lottery winnings, if you win £750.00 you get to spend all of it. Read More

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. Read More

All of them. Read More

If you can prove losses equal or close to winnings then yes. Read More

they tax the sh*t out of it! Read More

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. Read More

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. Read More

Backup withholding is 28 percent. Read More

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. Read More

Yes. The tax man will never leave you alone! Read More

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

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. Read More

on 1 million or more it is 40% max Read More

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. Read More

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. Read More

When they send you the 1099 for your winnings last year it will be listed on that form. Read More

nearly fifty percent it is around forty-something percent Read More

lottery winnings are unearned income. 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. Read More

At the end of the tax year after your 1040 federal income tax return is completely and correctly YES. Read More

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. Read More

You can write-off gambling losses up to the amount of gambling winnings. Read More

Yes. See the 1040 tax form, page 1, Line 21, Other Income. Read More

14-1588338 Read More

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. Read More

According to the information at the link below your heirs are entitled to any unpaid lottery winnings. Read More

no Read More

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. Read More

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. Read More

Yes. Both are utterly irrelevant to lottery winnings. Read More

can a convicted felon claim a mega million or powerball lottery winnings in georgia Read More

The same tax rules on lotteries apply no matter what age you are, even if you are over 65. Read More

Yes, just like lottery winnings you have to report the value of the car and pay tax on the value. Read More

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. Read More

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. Read More

MA state tax will be witheld on all winnings from $600-$4999. Ma state tax + 25% federal is withheld on 5k and above. Read More

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. Read More

Age would not have any affect on the requirement that taxes be withheld from your lottery winnings as long as you are still living. Read More

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. Read More

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. Read More

Lump sum 1,000,000 X 35% maximum rate for the year 2010 would be 350000 federal income tax liability for the tax year 2010. Read More

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. Read More

Claiming your lottery winnings DOES NOT have any thing to do with the filing of your 1040 federal income tax for the tax year 2009. BUT you should be getting all of your federal and state tax forms completed completely and correctly this year by OCTOBER 15, 2010. Read More

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. Read More

It use to be 3% and is currently 5% for State and 25% For federal on amounts won of $5000.00 or over. Read More

Yes. Read More

yes Read More

no Read More

In the US, yes. Lottery winnings are taxed. Read More

The State will not take your brother's lottery winnings, or the personal property he gives you from those winnings. Read More