lottery winner

Oneill474 · #1 May 20, 2007, 03:27 AM

I've noticed an Ohio store clerk lottery winner of a million dollars, decided to take $50,000 annually for a number of years. after IRS taxes it would be only $34,000 annually. that a 68% tax bite.

So I guess IRS has a certain tax rate for gambling proceeds. Too bad
you could not include it as regular income?

ebaines · May 21, 2007, 09:33 AM

Lotteries are taxed at regular income tax rates, as are all gambling winnings.

Check your math. If the lottery pays $50K/year, and winner nets $34K, that means $16K is withheld for taxes - that's a tax rate of 32%, not 68%.

Nana78 · May 22, 2007, 11:08 PM

is freelotto a real lottery site?

samanthi · Dec 1, 2007, 06:13 PM

Quote:

Originally Posted by Nana78

is freelotto a real lottery site?

I have recived a letter I won by free lotto. is it true?



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