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Yet another tax question

Topic closed. 3 replies. Last post 6 years ago by stripesnsolids.

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stripesnsolids's avatar - box
GA
United States
Member #97845
September 25, 2010
40 Posts
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Posted: December 18, 2010, 9:09 pm - IP Logged

When it comes to splitting a jackpot with a group of people is the whole group payout amount taxed right off the top and then split or is the 25% + state tax witheld from each persons cut?

    time*treat's avatar - radar

    United States
    Member #13130
    March 30, 2005
    2171 Posts
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    Posted: December 18, 2010, 11:30 pm - IP Logged

    Each state has its own rules.

    In neo-conned Amerika, bank robs you.
    Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

      savagegoose's avatar - ProfilePho
      adelaide sa
      Australia
      Member #37136
      April 11, 2006
      3300 Posts
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      Posted: December 20, 2010, 3:10 pm - IP Logged

      pretty sure if its claimed as a group win  its taxed on a personal basis. sometimes you see families win and 5 people get equal shares, the tax burden may prob be lowered, and if you give money after the win is there some gift tax involved?

      2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

      keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

        stripesnsolids's avatar - box
        GA
        United States
        Member #97845
        September 25, 2010
        40 Posts
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        Posted: December 20, 2010, 7:19 pm - IP Logged

        I went to the GLC website and it says they will only pay one person or entity so that answers that question.