does that mean that I actually get $7 (BIG money!! lol) or do I pay taxes on that too? In other words.... do I only get about $3.50?
2007-03-07 02:17:46 · 6 answers · asked by lordydordy42 2 in Games & Recreation ➔ Gambling
of course....i wouldn't "claim" it as income, lol.... i mean, when I go cash it in...will they give me the whole amount or will they deduct taxes.
2007-03-07 02:29:31 · update #1
I believe you only have to pay taxes if you win over a certain amount. You don't have to declare such a small amount.
2007-03-07 02:20:57 · answer #1 · answered by leaptad 6 · 1⤊ 0⤋
Yeah I won the mega-millions the other day and ripped up the ticket when I found out I had to pay taxes on that much money. They can have the $370 million back. It's too much of a headache to have to fill out all of the tax paperwork. I'm better off with out it. Stick with the small winnings - less of a hassle.
2007-03-07 02:48:38 · answer #2 · answered by Wildman 1 · 0⤊ 0⤋
With such a small amount, I wouldn't worry about THE MAN knocking on your door.
Go to your local Qik E Mart and cash it in.
If it were a significant amount, you'd have to go to the lottery offices and collect, then they would send a W2 form, just like your employer at the end of the year.
2007-03-07 02:26:40 · answer #3 · answered by Crazymom 6 · 1⤊ 0⤋
Only if won $600 or more, then its taxable by the IRS/Federal tax. Something like that.
2007-03-07 02:28:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Buy a 6-pack. Screw the government!
2007-03-07 02:24:11 · answer #5 · answered by Anonymous · 0⤊ 1⤋
they withhold 30%....you get $4.93
2007-03-07 06:10:15 · answer #6 · answered by Anonymous · 0⤊ 1⤋