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In the US - winnings of any sort of lottery, gambling, raffle, contest, etc are taxable as ordinary income. You won INCOME from someplace...and that is what income tax is paid on.
Yes, about 20% depending on where you live.
Actually at your marginal rate, which depends on the tax for the State you live in and is on top of the US Federal rate you'll pay. That rate is somewhere between 15% for low income, to about 25% for modest and quickly becoming about 32-35% for higher incomes.
If the sweepstakes is a winning of over $600, they may withhold the tax from the payout, frequently at a 20% rate, albeit what is withheld is not what one actually pays.
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What happens if you win sweepstakes?
You are given the price money. If you win a sweepstakes.
Did you win money with American sweepstakes?
no
What is the website you go to to win money every week?
www.pch.com/sweepstakes
Where can one find enter to win sweepstakes?
Enter to win sweepstakes are popular opportunities that often lead to winning money in what can be referred to as 'winning a Lotto'. These opportunities can be found in magazines or are sometimes advertised in newspapers.
Does anyone really win Kellogg's sweepstakes?
Yes, people do win sweepstakes. The odds are difficult to win, though.
Do people win at sweepstakes?
Yes, people can win sweepstakes if they are chosen as the winners through random selection or other criteria set by the sponsor of the sweepstakes. Winners are typically contacted by the sponsor and awarded their prizes as outlined in the sweepstakes rules.
What do you do on gsn?
you play games. win oodles. and use the oodles to remember prizes. also you can enter for sweepstakes. and play bingo blitz to win money and oodles
Is the American sweepstakes Network legit or a scam?
Legitimate sweepstakes do not require upfront money in order to pay a winner...NEVER! Winners pay taxes AFTER they receive the winnings. Also, you have to enter a sweepstakes in order to win, Legitimate sweepstakes companies do not contact anyone unless they receive an entry from the person. If you are contacted without entering the sweepstakes, it is not a legitimate sweepstakes. Even if you entered a sweepstakes, remember that legitimate sweepstakes NEVER require upfront money in order for the person to collect their winnings. Please see the Related Link for more information.
How do you win the go gurt sweepstakes?
To win you need to get the code from the gogurt
Did you win the contest for Phineas and Ferb sweepstakes?
No
How do you win the teen beach movie sweepstakes?
Try
Is it a legitimate win if American Sweepstakes Network requests a small amount of money up front?
I would consider anyone asking you for money to pay money you supposedly won a scam artist. Don't do it!
