Tax deduction on lottery

Reply #5

wander73 — Mon, 06 Feb 2017 05:41:14 GMT

Doesn't stick. Meaning

Reply #4

wander73 — Mon, 06 Feb 2017 05:40:45 GMT

I understand the $601. So yeah your answer is about correct. I am guessing that the taxes are around 39%.

Reply #3

Sunglasses — Sun, 05 Feb 2017 19:01:58 GMT

This doesn't stick.

Reply #2

rcbbuckeye — Sun, 05 Feb 2017 15:50:57 GMT

If you win between $600 and $5000 on a ticket, they will not take anything out of your winnings, but will sent a form to the IRS, and you will have to claim the winnings on your tax return. If you win $5001 or more then they will deduct 25% for the IRS. Depending on how much you win, (a major jackpot like MM or PB) you may have to pay more when you file your tax return.

Reply #1

ressuccess — Sun, 05 Feb 2017 13:04:14 GMT

Ouch I'm sad that your dad pass away wander73. He should save his money.

Tax deduction on lottery

wander73 — Fri, 03 Feb 2017 14:52:09 GMT

It's too bad my father passed away almost a year ago because I had asked him some things about lotteries and the casinos and how much tax itemize deduction. There are two people that I can talk to my accountant one of my father's friends accountants and I can answer them because they still go to conferences with other accountants.

As far as losses i don't think there is much at all.

Yes it is over 35% for being taxed out depending on the winnings and I remember when I hit a $4,0... [ More ]