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    Oneill474's Avatar
    Oneill474 Posts: 427, Reputation: 2
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    #1

    May 20, 2007, 04:27 AM
    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?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    May 21, 2007, 10:33 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's Avatar
    Nana78 Posts: 1, Reputation: 1
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    #3

    May 23, 2007, 12:08 AM
    Is freelotto a real lottery site?
    samanthi's Avatar
    samanthi Posts: 1, Reputation: 2
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    #4

    Dec 1, 2007, 08:13 PM
    Quote Originally Posted by Nana78
    is freelotto a real lottery site?

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