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What amount of taxes will you have to pay on 1000 lottery winnings in Kentucky?
Wiki User
∙ 14y ago
1000 X your marginal tax rate = $$$ The amount could be from -0- % to the maximum 35 % rate after the 1000 is added to all of your other gross worldwide income on your 1040 income tax return.
!000 X .10 = 10
!000 X .35 = 350
Wiki User
∙ 14y ago
Wiki User
∙ 11y agoI dont know im not a doctor
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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.
What is the taxes on the Florida lottery?
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.
How much taxes do you have to pay on your ca lottery winnings?
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.
Can you have your daughter claim your lottery winnings to avoid high taxes?
No. The payer of the lottery winning issued you and the IRS the same information from the copies of the 1099-G that has your social security number and name on the 1099-G showing the amount of your winnings.
How much taxes are paid on lottery winnings in Kansas?
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.
Do you pay state and federal taxs on MD lottery?
do I have to pay State and Federal taxes on Md. lottery winnings
Does one pay social security taxes on lottery winnings?
Not unless your a professional gambler.
Does a veteran have to pay taxes on $50,000 lottery winings?
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.
Do Pennsylvania residents have to pay taxes on sweepstakes winnings which are not gambline or lottery winnings just a prize from a business contest?
Yes....and lord knows how you draw the line differently from a sweepstake or lottery. It isn't how you won it, (a card game, slot machine, buying a ticket, or having a number drawn out of a hat) it is what it is - winnings. Winnings are ordinary income. You will pay taxes at whatever rate is determined by your total taxable income. If you can itemize, gambling losses are 100% deductible up to the amount of winnings. Don't forget those lotto tickets!
Taxes on lottery winnings in the state of Minnesota?
See: http://taxes.state.mn.us/individ/pages/filing_your_taxes_taxable_income_taxation_gambling.aspx
Do disabled veterans in New Jersey pay taxes if they win the lottery?
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.
How much taxes are taken out on lottery winnings in North Carolina?
If I win 1000.00 what do thay take out
