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In the state of Kentucky if i win the lottery is it considered income?
Wiki User
∙ 13y ago
YES it is taxable income. And you already know that it is taxable income that you will have to report on your federal 1040 income tax return and added the amount to all of your other gross income and the amount will be subject to the federal income tax in the year that they are received at your marginal tax rates.
For 2009 and 2010 the marginal tax rate on the federal 1040 income tax return is 10% to the Maximum 35% rate.
And of course you could also have some state income taxes to pay on the lottery winnings amount.
Wiki User
∙ 13y ago
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Do you pay taxes in Washington State on lottery winnings?
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.
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.
Can the state take your federal income tax in Kentucky?
yes
Is Kentucky a Midwest state?
No. Kentucky is considered a Southeast state. The Midwest states include Illinois, Iowa, Indiana, Michigan, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Ohio, Wisconsin and the eastern part of Colorado.
If you hit lottery in Conn and live in Mass do you have to pay state income tax to mass?
no
Can a individual run a lottery for profit?
In most places it is considered gambling and is illegal. Not for profit organizations can obtain permits from the state to run a lottery.
Is a Ca state refund considered income when you are on unemployment?
No it is not considered income, just dealt with this situation and my accountant assured me.
If you live in Tennessee but worked in Kentucky which state do you file your unemployment in?
Kentucky supposed to pay your unemployment becasue they make you pay income tax.
How many capitals do Kentucky have?
Kentucky only has one capital. Frankfort, Kentucky is the capital, and is considered to be the fifth smallest state capital in the U.S.
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.
What is a Correction officers salary in New York state?
The average annual income for a corrections officer in the state of New York is $35,000. In the state of Kentucky, the average annual income for a corrections officer is $25,000.
WHICH FORM SHOULD BE USED FOR JOINT FAMILY INCOME TAX RETURN FOR KENTUCKY STATE?
PLEASE REPLY.
