a question

Reply #8

duffwoo — Thu, 14 Aug 2003 08:14:55 GMT

Thank you!Your rep

Reply #7

smd173 — Thu, 14 Aug 2003 07:35:19 GMT

I have no idea what that guy is talking about. No state makes you pay 30% in taxes on a lottery prize. The highest I have heard of is 7%. In regards to federal taxes the lottery removes 27% when you win. Most likely this would then mean you are in the highest tax bracket. At the end of the year when you'd have to file your federal tax return you'd probably have to pay about 39%. *BUT*, 27% of that would have already been taken. So you'd only have to pay the remaining 12%. So if you were playing... [ More ]

Reply #6

duffwoo — Thu, 14 Aug 2003 06:31:57 GMT

Oh,I show you an old post.****************************************************PALOTTOMIKE Posted: July 26, 2002 at 10:08pmWhat do you think about paying 30% to the state for hitting the jackpot plus 30% fed holding plus 27 fed withholdings plus your state tax****************************************************the author is talking about the tax in NY

Reply #5

smd173 — Wed, 13 Aug 2003 21:58:52 GMT

A foreign born player would be subjected to 27% federal withholding, possibly 7% state withholding (depending on the state), and possibly taxes in that player's country of origin.I highly doubt the total would be 85%.

Reply #4

Todd — Wed, 13 Aug 2003 20:04:07 GMT

No, it would not be that high. Where exactly did you read that

Reply #3

duffwoo — Wed, 13 Aug 2003 19:59:16 GMT

But I don't want to pay too much tax for my prize.It is said by the forum that a foreign winner might pay more than 85% of his prize for tax in NY.Would it be that high? If true,that will be frustrating.

Reply #2

smd173 — Wed, 13 Aug 2003 14:15:07 GMT

I don't know why you'd even worry about taxes. Just play. If you win, then worry about the taxes.

Reply #1

duffwoo — Wed, 13 Aug 2003 12:22:49 GMT

Who can answer

a question

duffwoo — Wed, 13 Aug 2003 05:30:40 GMT

I am a foreign student in I