If you won money from a sweepstakes or the lottery, how much of it is taken out for taxes?

If you won money from a sweepstakes or the lottery, how much of it is taken out for taxes?

Postby stocwiella61 » Sat Mar 19, 2011 5:39 am

40-50% state to state
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If you won money from a sweepstakes or the lottery, how much of it is taken out for taxes?

Postby wohehiv » Sat Mar 19, 2011 5:40 am

About half.
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If you won money from a sweepstakes or the lottery, how much of it is taken out for taxes?

Postby thurstun » Sat Mar 19, 2011 5:44 am

Dear friend,
Never participate in online sweep stakes.
Because it is not fair to believe that we can lead our life in the mercy of our fortune.
Life is mixed with fortune and misfortune..
So do some what creative.

If you wish to earn money online there are many ways.
Google AdSense and affiliate marketing are some of them.
But most of them need your involvement.
They are not passive income streams.
And if you are interested to join in online form filling/ad posting work there are many web sites.
To join such a web site for free send a mail to onlinejobpack@gmail.com with a subject line "moneyjobsy".
They will send you all the information for free.
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If you won money from a sweepstakes or the lottery, how much of it is taken out for taxes?

Postby win » Sat Mar 19, 2011 5:45 am

In the U.S., the federal income tax withholding on lottery winnings is 27%.

However, since your marginal tax rate could be as high as 38.5%, for larger lottery prizes, the withholding might not be enough to cover your tax bill.

Then, if you give enough of it to others, those gifts might be subject to gift tax.

Note, this is all different from the cash-option payout reduction.
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If you won money from a sweepstakes or the lottery, how much of it is taken out for taxes?

Postby chancellor » Sat Mar 19, 2011 5:48 am

not less than 28%
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