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Answered 2011-03-31 12:23:35

what is the tax on lottery winnings

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What is the tax on 750.00 lottery winnings?

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

How is tax calculated on lottery winnings?

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.

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.

How are lottery winnings taxed?

they tax the sh*t out of it!

Do you get a tax refund on lottery winnings?

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

What is the percent taxed on lottery winnings in pa?

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.

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.

How much tax do they take from lottery winnings?

Backup withholding is 28 percent.

Does California tax lottery winnings from other state's lotteries?

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.

What is Kansas lottery tax?

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.

Are lottery winnings taxed for seniors?

Yes. The tax man will never leave you alone!

Is there a tax break for 100 percent disabled veteran when winning 30k in NYS 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.

Will winning the lottery effect your Social Security benefits?

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 % of your SSB can become taxable income on your federal income tax return at your marginal tax rate.

How much tax is taken out for the Texas lottery?

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.

How much tax is paid on NJ lottery winnings?

nearly fifty percent it is around forty-something percent

What is the Federal Tax ID Number for the CA Lottery?

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

How do you claim losses on lottery winnings?

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.

Can you bequeath lottery winnings by will in Ohio?

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

Are taxes on lottery winnings the same percent as other income?

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

Are online lottery winnings taxable?

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.

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