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How much you pay ultimately depends on your own tax situation and tax rate. There is no specific rate or category for income from types of gambling.
The withholding (like from a payroll, as an estimate of the tax) required at the casino is normally a minimum of 20%, but can depend again on your situation too. It is NOT the amount you pay...just a payment in advance to assure the amount you owe is paid.
Lottery and Gambling winnings are taxed like any other income.
That amount, or percent, of course changes with everyones personal situation, other income, expenses, deductions, exemptions, STATE (and state income tax is a deduction to Federal taxable income, so that changes many things), dependents, etc.
It is fair to say that 2 people, winning the same lottery would normally pay different amount of taxes.
Proveable losses are deductible against winning, so keep those losing lottery tickets!
Many people have tried to claim the winnings as Capital in nature, for the lower tax rate. The courts have denied that in each case.
If you are a professional gambler, the tax handling may change, as it is income from self employment...there are both good and bad aspects to this.
What else can I help you with?
When do you have to pay taxes on lottery winnings?
You have to pay taxes on lottery winnings when you receive the prize, whether it's in a lump sum or through installments.
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?
In Florida, lottery winnings are subject to a 24% federal withholding tax for U.S. citizens and resident aliens for prizes above $5,000. Additionally, there may be state taxes on lottery winnings depending on the amount won and the winner's personal tax situation.
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.
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.
Taxes on lottery winnings in the state of Minnesota?
In Minnesota, lottery winnings are subject to federal income tax but not state income tax. However, other taxes such as federal gift tax may apply depending on the circumstances. It's advisable to consult with a tax professional to determine the specific tax implications of lottery winnings in your situation.
Where do you collect your lottery winnings?
Lottery winnings are typically collected at the state lottery office or through a designated lottery retailer.
How much taxes are taken out on lottery winnings in North Carolina?
If I win 1000.00 what do thay take out
Where do you claim your lottery winnings?
You can claim your lottery winnings at the official lottery office or designated claim center specified by the lottery organization.
Where do you go to collect lottery winnings?
You can collect lottery winnings at the lottery office or designated claim center specified by the lottery organization.
