Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Other Money & Services (https://www.askmehelpdesk.com/forumdisplay.php?f=238)
-   -   Lottery winner (https://www.askmehelpdesk.com/showthread.php?t=94248)

  • May 20, 2007, 04:27 AM
    Oneill474
    Lottery winner
    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?
  • May 21, 2007, 10:33 AM
    ebaines
    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%.
  • May 23, 2007, 12:08 AM
    Nana78
    Is freelotto a real lottery site?
  • Dec 1, 2007, 08:13 PM
    samanthi
    Quote:

    Originally Posted by Nana78
    is freelotto a real lottery site?


    I have received a letter I won by free lotto. Is it true?

  • All times are GMT -7. The time now is 11:40 AM.