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The tax on money won outside the U.S. can vary depending on the country where the winnings are earned. In the U.S., citizens and residents are required to report and pay taxes on worldwide income, including foreign winnings, which are generally taxed at the federal income tax rate. Additionally, if foreign taxes are paid on those winnings, U.S. taxpayers may be eligible for a foreign tax credit to avoid double taxation. It's advisable to consult a tax professional for specific circumstances and potential tax obligations.
What else can I help you with?
Do Olympians pay taxes on money paid to them by the us Olympic committee for winning?
9,000 tax if gold is won
How much tax would be charged on 1300000 dollars in sweepstakes money in Utah?
In Utah, the state individual income tax rate is a flat 4.95%. Therefore, if you won $1,300,000 in sweepstakes money, you would owe $64,350 in state income tax in Utah.
Do I have to pay taxes on money won in a foreign casino?
Gambling winnings are taxable. Earnings made outside of the US (example: sports players playing or winning a championship someplace else, a salesman making sales in Europe, etc) are taxable. So yes.
What is Korean money called?
It is the won.
If you won 40000.00 will be penalized on your income tax since you receive social security?
In Australia if you win money the tax is paid on it before you get it so no extra income tax, however if your social security is mans tested it may be a good idea to find out where you stand. get advice from more then one souse.
What percent of wars were won by Indians?
They fought and the british won.
What is the name of Korean money?
The name of Korean currency (money) is Won.
Who won the money in the end of the westing game?
The Person who won the money was Turtle.
How much tax on 100000 for life ma lottery game?
If you won $100,000 in the lottery, the government would take about 1/4 of it, leaving you with $75,000 in the end. It is still a lot of money, but you won it, so they shouldn't be allowed to take $25,000 from you.
How much tax would I owe if I won 1 million dollars?
If you won 1 million dollars, you would owe approximately 370,000 in federal income tax.
What percent of Formula One drivers who are current have won a race?
70 percent
Who won the Most money won at a casino?
$500 000 000
