How Much Taxes Do I have to Pay?

Reply #7

four4me — Thu, 01 Dec 2005 16:49:58 GMT

Right you are i tried to cash a 9000,00 scratch off and they said somthing to the fact that because i earned so much that they would take the taxes then and there. They wouldn't pay me the whole 9 grand. i protested their decision. But ended up taking the check for like around 6250.00. I got most of it back when i filed my taxes so in the long run it wasn't to bad of a deal. In a way it was better for me to let them take the taxes out instead of me having to write them a check for due taxes at t... [ More ]

Reply #6

RJOh — Thu, 01 Dec 2005 16:32:36 GMT

In Ohio and I think other states too, your actual taxes on your lottery winnings is based on your total earnings for the whole year regardless of the amount that is withheld at the time you collect your winnings.

Reply #5

four4me — Thu, 01 Dec 2005 16:25:41 GMT

I think it any amount over 600.00 bucks. That is taxable income. regarded as unearned income. I don't know about Ohio's rules on this but most states have a couple options. pay the tax up front or have it withheld until the end of the year or quarter depending on your tax status. Some states may say said amount of taxes due within 90 days. here's the kicker. If you owe the state back taxes any fines or child support then be prepared to forfeit that amount from your winnings. If however you owe m... [ More ]

Reply #4

RJOh — Thu, 01 Dec 2005 16:08:28 GMT

I won $1500 three years ago with OhioSuperLottoPlus and had to go to an approved bank to collect my money once I verified the hit at a local retailer. For the required $10 fee the bank took care of all the reporting and I got a W-2G from the state at the end of the year which had to be included with my other tax forms. Since I spent $3000 playing the lottery that year and could only claim $1500 of the lost which didn't increased the my standard amount allowed, I paid an extra $300 in federal a... [ More ]

Reply #3

MrBobb — Thu, 01 Dec 2005 15:46:13 GMT

Here's some information from the IRS. You can read the entire document by clicking on the link below:Instructions for Forms W-2G and 5754 - Main ContentsReportable Gambling WinningsGenerally, gambling winnings are reportable if the amount paid reduced, at the option of the payer, by the wager is (a) $600 or more and (b) at least 300 times the amount of the wager...WithholdingThere are two types of withholding on gambling winnings: (1) regular gambling withholding at 25% (33.33% for certain nonca... [ More ]

Reply #2

Todd — Thu, 01 Dec 2005 13:35:45 GMT

I sympathize, especially since my state (NJ) is free from state taxes on lottery prizes.Ohio withholds state taxes of 3.5% on big lottery prizes. You can find that rate in a couple of places:USA Mega - Mega Millions Jackpot Analysis page - http://www.usamega.com/mega-millions-jackpot.htmUSA Mega - Mega Millions FAQ page - http://www.usamega.com/mega-millions-faq.htm

Reply #1

Brett — Thu, 01 Dec 2005 10:39:42 GMT

I forgot to mention that I did not actually win this amount, it's just a made upamount as an example. the lottery says its your responsibility to report your winnings to the IRS, but if somebody gets a check cashed , does the place that cashes the check report the amount of money that you were given to the IRS? Especially if you take a cash payment and dont deposit that money into your account

How Much Taxes Do I have to Pay?

Brett — Thu, 01 Dec 2005 10:26:40 GMT

I already searched the threads and I know the answer is somewhere, but I havent found it, maybe I'm blind. I want to know if an Ohio resident wins say $10,000 in the Pick 4 lottery, what percentage will they have to pay to taxes? I saw a thread that said something like 35% or 27% or something? If thats true then thats a crime and the IRS should be brought up on criminal charges! Especially when Canada doesn't have to pay any taxes. That isn't fair. I could see maybe 5% or even 10%..... [ More ]