Tax question

Reply #8

hypersoniq — Fri, 05 Mar 2004 14:21:05 GMT

PA exempts winners who are state residents from all state and local taxes on a lottery win. I cannot recall if the residency must be 6 months or 1 year BEFORE the draw to count...

Reply #7

whodeani — Fri, 05 Mar 2004 13:07:38 GMT

But I can't seem to find info on New York and Georgia. http://www.galottery.com/gen/aboutUs/faq.jsp?focus=aboutus#14http://www.nylottery.org/ny/nyStore/cgi-bin/ProdSubEV_Cat_202538_NavRoot_307.htm

Reply #6

michiganplayer — Fri, 05 Mar 2004 05:31:21 GMT

Hi Jorli, I managed to get all the states info.So far, Penn, Delaware and New Jersey have no state tax.But I can't seem to find info on New York and Georgia. Care to help anyone

Reply #5

Jorli D — Fri, 05 Mar 2004 05:14:13 GMT

I suppose you could go to each state's official website and look under FAQ. Look for the question asking about the way jackpots are taxed.I really don't think you are going to avoid paying taxes on any lottery over $600.00 Taxes are a given in the US. You can always call IRS or a tax attorney about any unique methods of avoiding a tax on lottery jackpots. I doubt either will tell you what you want to hear.

Reply #4

michiganplayer — Fri, 05 Mar 2004 04:56:43 GMT

How much of state tax does Georgia, Delaware, South Carolina, New York, New Jersey charge?Is there a site I can get state tax info from for jackpot winnings

Reply #3

michiganplayer — Fri, 05 Mar 2004 04:52:29 GMT

How come non US residents have to pay 30% fed tax whilst resident pays 25

Reply #2

Jorli D — Fri, 05 Mar 2004 03:32:41 GMT

color=#000000 size=-1< Back to Lottery s Frequently Asked Questions Page Lottery's Frequently Asked Questions Do I Have to Pay Taxes on My Winnings? Answer: All Michigan Lottery prizes are subject to federal, state and local income taxes. You may be required to make estimated tax payments by filing a form 1040ES with the Internal Revenue Service. The Lottery is required by law to withhold estimated taxes at the rate of 25 percent (federal) and 4 percent (state) for any prize over $5,000 paid... [ More ]

Reply #1

whodeani — Fri, 05 Mar 2004 03:30:02 GMT

The federal tax rate is 25% and some states have no state income tax on lottery winnings.Try the link below. May have some of what you are looking for.http://www.mylottocorner.com/lottery_information_by_states.php

Tax question

michiganplayer — Fri, 05 Mar 2004 02:44:30 GMT

I know this has been asked many times but if someone could give me a quick reply I would be most grateful.Does the jackpot winner pay both the State tax and Federal Tax?How much is Federal Tax and how much is state tax (I know it depends on which state but is there a site that tells me which state charges what?What if the winner is a non-US resident like myself? Must a foreigner pay both taxes?ThanksMichigan player