2007-06-21 16:21:45 · 8 answers · asked by jjose 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
NOOOOOOOOO
The IRS takes out a big chunk
2007-06-21 16:24:27 · answer #1 · answered by Mike Frisbee 6 · 0⤊ 0⤋
Lottery winnings are taxable at the federal level. In some states (like California), California lottery winnings are free of state tax. Depending on your personal status and income, the federal tax bite can approach 35%. (But 65% is better than 0%)
2007-06-22 00:58:32 · answer #2 · answered by skipper 7 · 0⤊ 0⤋
Winnings are taxable income for the federal level. Most states do not tax the winnings on their lotteries for state income tax.
2007-06-22 01:31:03 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
No, it is not. A few states don't tax their own state lottery but it's always taxable at the Federal level or if you cross state lines.
2007-06-21 23:46:24 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
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2007-06-22 15:13:31 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Not in the US. In Canada it is tax free. So move to Canada and try your luck.
2007-06-22 00:05:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It is not subject to state income tax, but it is taxed by the federal gov't
2007-06-21 23:32:12 · answer #7 · answered by pjnbarb 2 · 0⤊ 2⤋
Heck no. They take at least 50% according to your income level. Still, 50 % is better than none, yes?
2007-06-21 23:30:07 · answer #8 · answered by mhiaa 7 · 0⤊ 3⤋