Taxes

Reply #3

Bingo Long — Wed, 06 Apr 2005 07:19:39 GMT

four4me: this is true for federal taxes, but not MA state taxes. MA's got a better payout than most other states, though, so I suppose it evens out in the end.

Reply #2

four4me — Wed, 06 Apr 2005 05:35:25 GMT

Bingo LongI thought if you won a taxable amount over 600 dollars that you can deduct up to a certain percentage of what you have to pay them in taxes for the win by claming losses generated after the win and up to the taxable amount of your winnings before the tax is due. This is permitted only for people who itemize deductions. In other words you can't get all the tax money you paid them for the win but something like 85%. I'm sure every state might have different tax rules and laws. i would c... [ More ]

Reply #1

dvdiva — Wed, 06 Apr 2005 03:55:09 GMT

yeah - like they care. I really doubt MA will do anything except raise your tax. Your option is to move to a state with no income tax or put up with it. Better deduct 35% for tax - better to get a refund since if you withhold too little there are stiff penalties and you'll just owe more tax.

Taxes

Bingo Long — Wed, 06 Apr 2005 03:07:38 GMT

Two tax related notes:First, if you've won a prize between $600 and $5000 in the last few months, then you got a W-2G but didn't have any of your winnings withheld for federal taxes. For a while I thought, this is great, I've got this money til next April 15! but as it turns out, if you're going to claim a net profit on gambling at the end of the year, you probably need to file estimated taxes, which means sending the IRS a check for THIS YEAR's winnings by THIS April 15. I hear they're genera... [ More ]