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3.8% medicare tax starting in 2013

Topic closed. 7 replies. Last post 4 years ago by Toronto.

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November 29, 2012
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Posted: December 3, 2012, 10:28 pm - IP Logged

With the new taxes that are to come next year and assuming the top rate returns to 39.6% (and precedent in court cases have established they're income rather than capital gains on an asset), it seems like in most states, more than 1/2 of any large prize would end up going towards taxes if you include the new 3.8% medicare tax. Does anyone with some tax knowledge and who has read the new law know if this would apply to gambling prizes?

    whiteballz's avatar - Lottery-015.jpg
    Nutley, New Jersey
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    August 1, 2012
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    Posted: December 3, 2012, 10:36 pm - IP Logged

    With the new taxes that are to come next year and assuming the top rate returns to 39.6% (and precedent in court cases have established they're income rather than capital gains on an asset), it seems like in most states, more than 1/2 of any large prize would end up going towards taxes if you include the new 3.8% medicare tax. Does anyone with some tax knowledge and who has read the new law know if this would apply to gambling prizes?

    canadians are not taxed on lottery winnings.

    .

      Leadwise's avatar - leprechaun horror-photos.jpg
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      Orlando, FL
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      November 30, 2012
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      Posted: December 3, 2012, 11:18 pm - IP Logged

         Barrrraccccckkkk Obammmmmaaaa  Lovies Lovies  <----- (masses)      (business) ----->  Bang Head


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        Posted: December 3, 2012, 11:42 pm - IP Logged

           Barrrraccccckkkk Obammmmmaaaa  Lovies Lovies  <----- (masses)      (business) ----->  Bang Head

        I know right?   It's not fair that the majority gets to win. We need a another way. Green laugh

          rdgrnr's avatar - walt
          Way back up in them dadgum hills, son!
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          Posted: December 3, 2012, 11:44 pm - IP Logged

             Barrrraccccckkkk Obammmmmaaaa  Lovies Lovies  <----- (masses)      (business) ----->  Bang Head

          Barrrraccccckkkk Obammmmmaaaa  Lovies Lovies  <----- (lazy people)      (taxpayers) ----->  Bang Head

            Leadwise's avatar - leprechaun horror-photos.jpg
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            Orlando, FL
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            November 30, 2012
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            Posted: December 4, 2012, 12:12 am - IP Logged

            Ain't that the truth? lol ... I need to get me one of them Obama Phones.

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              Posted: December 4, 2012, 12:18 am - IP Logged
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                United States
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                Posted: December 4, 2012, 3:06 pm - IP Logged

                Thanks for the worthless post, maybe you should read the thread next time. Anyone with some actual understanding of the law have any input? The section of the law labels annuities and royalties, but would a prize from a casino fall under this? Wondering because precedent has shown that prizes are treated as other income rather than capital gains in many court cases.