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jimmy0685		#1 Posted : Tuesday, December 17, 2013 5:08:00 AM(UTC)
Rank: Newbie Joined: 8/30/2006(UTC) Posts: 3 Thanks: 2 times Was thanked: 1 time(s) in 1 post(s)		How much tax is due on winnings (%)? Are state and Federal taxes both due? Thanks!
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chudder4444		#2 Posted : Tuesday, December 17, 2013 12:49:38 PM(UTC)
Rank: Advanced Member Joined: 8/31/2006(UTC) Posts: 2,250 Thanks: 330 times Was thanked: 1067 time(s) in 895 post(s)		Everyone's taxes will be different. It depends on how much you make otherwise to determine which tax bracket you're in, plus which state you live in will determine if you owe state taxes. Best to consult your tax person! $10,000 Club member since November 2008!
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lorikb1017		#3 Posted : Friday, January 3, 2014 12:56:39 PM(UTC)
Rank: Advanced Member Joined: 7/11/2012(UTC) Posts: 293 Thanks: 108 times Was thanked: 101 time(s) in 94 post(s)		It will vary on your income but "roughly" it would be around 33%...for wins OVER $600. I believe that is the case. This will be my first year paying taxes on wins!
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