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15% Like most things the what was done to produce the income is irrelevant....except for Capital Gains on Investments (which many have tried to make lottery winnings and lost in court), all are taxed the same. Winnings are ordinary income. You will pay taxes at whatever rate is determined by your total taxable income, and both Federal & State. If you can itemize, gambling losses are 100% deductible up to the amount of winnings. Don't forget those lotto tickets
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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.
Are lottery winnings only taxed as income?
In the US, yes. Lottery winnings are taxed.
Will you get taxed on lotto winnings in Colorado?
Yes.
What percentage of taxes are withheld from Tennessee lottery winnings?
Taxed as any other ordinary income...meaning at your own personal rate consideing all deduction, exemptions, etc.
Are elderly taxed less for nc lottery winnings?
Age will make no difference at all when it comes to the taxable status of lottery winnings. People sometimes think there is an age limit where they no longer have to file taxes, but there is no such limitation. Taxes are based strictly on income. You are allowed a slight increase in exemption when you are over 65 years of age, but that is the only age effect on income taxes.
What is the Louisiana state tax percentage on large lottery winnings?
Lottery winning are the same as any other earning...and will be taxed federally and locally as any other income of that amount would be (which of course depends on many things, income level, number of dependents, number of deductions, etc.etc.)
Winnings in California game show is taxed where?
Taxed as ordinary income and sourced to where earned, (Calif) for state purposes.
Is lotto winnings considered earnings?
I don't believe ther is anything called seperatly earned income...and have no idea what you think it is. Lottery, or gambling, or any of those types of income are considered and taxed as ordinary income.
How is tax calculated on lottery winnings?
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.
If I won the lottery and wanted to share the wealth with children siblings parents and in laws who pays the taxes and how much?
I believe you answered your own question with the "...I won the lottery...".That clearly says it's your winnings. Your just giving some of it to others.The winnings are taxed as ordinary income...the amount or rate depends on your own personal status and factors (like other income, deductions, exemptions, etc) ...and location (State taxes).The others of course won't be subject to income tax on the gift, however, you may have gift tax consequences (which in most family situations are easily avoided).
Do players pay tax on winnings at High Stakes Poker?
Yes all gambling winnings are reported on the 1040 tax form and added to all other gross worldwide income and taxed at your marginal tax rate.
What taxes do you pay if you win Powerball in Virginia?
The federal maximum marginal tax rate for the 2010 tax year is 35% and then you would have your state income taxes. Lottery 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 may things), dependents, etc. It is fair to say that 2 people, winning the same lottery would pay different taxes.
