Fed Tax On Lottery wins

Reply #39

Artist77 — Thu, 10 Jan 2013 22:40:33 GMT

Thanks Haymaker and all. That is true! They advise the footall players to take a lesser credit load each semester so they are usually picking up a class or two during the summer session. This allows them to keep up their grades and play football

Reply #38

BayState — Thu, 10 Jan 2013 02:15:37 GMT

And Bama will keep rolling till NCAA sanctions come. Which should be sooner than later.

Reply #37

haymaker — Wed, 09 Jan 2013 21:49:29 GMT

Don't feel bad, ND is academically Superior.

Reply #36

helpmewin — Wed, 09 Jan 2013 02:07:46 GMT

Reply #35

Ronnie316 — Wed, 09 Jan 2013 02:06:44 GMT

Have a good night everyone..........................

Reply #34

BayState — Wed, 09 Jan 2013 02:04:57 GMT

Good Lord. I got it. Thank you.

Reply #33

Ronnie316 — Wed, 09 Jan 2013 02:04:31 GMT

Reply #32

Ronnie316 — Wed, 09 Jan 2013 02:04:08 GMT

Include this quoted text in your reply

Original Post by BayState It would take me a lot longer than that. Love the change in your siggy!

I just realized that I do not know how to reply with quotes. I hope my responses to different replies make sense.

Reply #31

Ronnie316 — Wed, 09 Jan 2013 02:02:48 GMT

Just check the tinny tiny box above the quote. lol. lol.

Include this quoted text in your reply

Reply #30

BayState — Wed, 09 Jan 2013 01:57:28 GMT

It would take me a lot longer than that. Love the change in your siggy!

I just realized that I do not know how to reply with quotes. I hope my responses to different replies make sense.

Reply #29

Ronnie316 — Wed, 09 Jan 2013 01:56:46 GMT

I'm not finding anyone saying there's a penalty for too large a refund.... This article says it aint so.....

http://articles.southbendtribune.com/2011-03-27/business/29349681_1_tax-refund-form-1040a-tax-return

Reply #28

Artist77 — Wed, 09 Jan 2013 01:53:11 GMT

Yea I know. I need 24 hours more to recover.

Reply #27

Ronnie316 — Wed, 09 Jan 2013 01:46:32 GMT

Yeah, sorry. I always look for ND to win bowl games.

Reply #26

RJOh — Wed, 09 Jan 2013 01:43:37 GMT

Your regular income with the lottery winnings may not qualify you for the top tax rate. If so, you could owe a penalty if your refund was too large.

Reply #25

BayState — Wed, 09 Jan 2013 01:36:31 GMT

Artist77, after yesterday's BCS debacle by ND, you siggy needs an update. Sorry for your loss.

Reply #24

Ronnie316 — Wed, 09 Jan 2013 01:36:20 GMT

Reply #23

BayState — Wed, 09 Jan 2013 01:34:51 GMT

Thank you very much for the welcome. I will go take a look around. Thanks again.

Reply #22

BayState — Wed, 09 Jan 2013 01:34:10 GMT

Most likely that is the case and in those higher brackets, many of the deductions are phased out.

Reply #21

BayState — Wed, 09 Jan 2013 01:33:05 GMT

Good idea. But, given the tragetory of our country, they do not need the ideas from the proleteriat.

Reply #20

helpmewin — Wed, 09 Jan 2013 00:17:49 GMT

Reply #19

helpmewin — Wed, 09 Jan 2013 00:14:32 GMT

Reply #18

grwurston — Wed, 09 Jan 2013 00:10:41 GMT

Looks like he's talking out both sides of his mouth.

Reply #17

Artist77 — Wed, 09 Jan 2013 00:04:18 GMT

What is that smiley saying

Reply #16

helpmewin — Wed, 09 Jan 2013 00:00:30 GMT

Reply #15

helpmewin — Tue, 08 Jan 2013 23:59:55 GMT

Reply #14

Artist77 — Tue, 08 Jan 2013 23:57:25 GMT

awwwwww

Reply #13

Ronnie316 — Tue, 08 Jan 2013 23:56:10 GMT

Reply #12

Artist77 — Tue, 08 Jan 2013 23:53:58 GMT

Reply #11

Ronnie316 — Tue, 08 Jan 2013 23:52:47 GMT

Reply #10

Ronnie316 — Tue, 08 Jan 2013 23:51:48 GMT

Good point..........................

www.usamega.com

Reply #9

helpmewin — Tue, 08 Jan 2013 23:46:16 GMT

Reply #8

grwurston — Tue, 08 Jan 2013 23:45:59 GMT

Welcome to the LP BayState,

If you click on the USA MEGA icon at the bottom of the quick links section on the left, then select the MM or PB FAQ'S, you

will get a lot of answers for your tax questions. Good Luck

Reply #7

Ronnie316 — Tue, 08 Jan 2013 23:38:53 GMT

Right, you may not owe 25% and get a big fat refund.................

Reply #6

maringoman — Tue, 08 Jan 2013 23:37:52 GMT

The 25% is just withholding tax. Meaning there is a chance you might get most of it back depending on the deductions you claim. Usually though the lottery prize pushes you into income brackets of the wealthy who are taxed at 39% so you end up paying more taxes when filing your taxes.

Reply #5

Artist77 — Tue, 08 Jan 2013 23:32:35 GMT

I think they take that amount out automatically before you get your money. They you have to pay them the rest (or whatever amount of tax you owe after your charitable donations, etc).

Reply #4

Ronnie316 — Tue, 08 Jan 2013 23:26:09 GMT

Maybe with deductions most people only end up paying 25%...............

Reply #3

Pick4ologist — Tue, 08 Jan 2013 23:24:23 GMT

Play and win Pick 3. And go cash your ticket at the local 7-11...

Reply #2

whiteballz — Tue, 08 Jan 2013 23:22:34 GMT

don't give the IRS any new ideas....

Reply #1

Ronnie316 — Tue, 08 Jan 2013 23:21:34 GMT

I think its because they don't want to look and sound greedy.....

Just write a check for the differance at the end of the year........

Fed Tax On Lottery wins

BayState — Tue, 08 Jan 2013 23:10:46 GMT

Why is only 25% withheld in Fed Taxes when the top rate is 39.6