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a question

Topic closed. 8 replies. Last post 13 years ago by duffwoo.

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China
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August 11, 2003
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Posted: August 13, 2003, 1:30 am - IP Logged

I am a foreign student in I

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    China
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    Posted: August 13, 2003, 8:22 am - IP Logged

    Who can answer?

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      United States
      Member #434
      June 30, 2002
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      Posted: August 13, 2003, 10:15 am - IP Logged

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

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        China
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        Posted: August 13, 2003, 3:59 pm - IP Logged

        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.

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          Chief Bottle Washer
          New Jersey
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          Posted: August 13, 2003, 4:04 pm - IP Logged

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

           

          Check the State Lottery Report Card
          What grade did your lottery earn?

           

          Sign the Petition for True Lottery Drawings
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            United States
            Member #434
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            Posted: August 13, 2003, 5:58 pm - IP Logged

            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%.

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              China
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              Posted: August 14, 2003, 2:31 am - IP Logged

              Oh,I show you an old post.

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              PALOTTOMIKE Posted: July 26, 2002 at 10:08pm

              What 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

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              the author is talking about the tax in NY

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                United States
                Member #434
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                Posted: August 14, 2003, 3:35 am - IP Logged

                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 in NY you'd have to pay 39% for federal and 7% for state, a total of 46%. Even if you won a small jackpot, say $10 Mil, would you like to walk away with $5.4 Million? I know I would.

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                  Posted: August 14, 2003, 4:14 am - IP Logged

                  Thank you!

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