Lottery Taxes

Reply #3

Abe — Thu, 25 Apr 2002 03:58:12 GMT

The withholding is correct. That's the amount withheld by law, but that doesn't mean that's all your tax liability. You'll be given a W2G form at the end of the year detailing the amount paid out and amount withheld so you can properly credit it on your 1040. But you'll still have to pay some more if it places you in the highest tax bracket.

Reply #2

megamillionaire — Thu, 25 Apr 2002 01:16:00 GMT

The new rate is 39.1% (every penney counts

Reply #1

Guest — Thu, 25 Apr 2002 00:43:26 GMT

Would the correct percentage not be 39.6% on lottery winnings? That was the highest bracket that I was aware of for just Federal income tax

Lottery Taxes

Guest — Thu, 25 Apr 2002 00:01:13 GMT

In the recent months several postings have been about Uncle Sam's cut. Please read the excellent article that was posted yesterday concerning Uncle Sam's cut. This may help clear things up alittle. As I previously stated 28% withholding by the Lottery is not correct, so please pay attention to the article.