How about 40% plus state tax maryland 7% OR NJ no state

Reply #2

EZMoney — Thu, 01 Aug 2002 00:49:17 GMT

i know pa's rules are for prizes of 600.01 - 5,000 you must fill out a w2-g. meaning nothing is withheld and that you just factor that in when you file your income taxes for the year. federal taxes are automatically withheld for prizes greater than 5,000. give me a couple years and ill supply everyone with the tax questions. im a second year student @univ. of pittsburgh majoring in accounting.

Reply #1

CASH Only — Wed, 31 Jul 2002 20:26:33 GMT

I've heard of states withholding on $600.01 and up, but can't remember where.

How about 40% plus state tax maryland 7% OR NJ no state

PALOTTOMIKE — Wed, 31 Jul 2002 20:18:05 GMT

lottery prizes taxable?Lottery winnings of $600.01 and over are subject to Federal Withholding tax. For winnings of $600.01, up to and including $5,000, you will be issued a W-2G form to report your winnings on your federal income tax form. For winnings of $5,000.01 and over, your state's Department of Revenue removes the 27 percent federal withholding before you receive your winnings check (or, if it is an annuity, from each winnings check). You then receive a W-2G form with each check to submi... [ More ]