Rank: Newbie
Joined: 8/30/2006(UTC)
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How much tax is due on winnings (%)? Are state and Federal taxes both due? Thanks!
Rank: Advanced Member
Joined: 8/31/2006(UTC)
Thanks: 330 times
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!
Rank: Advanced Member
Joined: 7/11/2012(UTC)
Thanks: 108 times
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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