2007-07-06 03:46:51 · 4 answers · asked by mann1471 1 in Business & Finance ➔ Taxes ➔ United States
In Canada you dont have to pay tax on lottery winnings :-)
2007-07-06 03:54:36 · answer #1 · answered by Anonymous · 0⤊ 1⤋
It's taxed as ordinary income at your marginal rate at the Federal level. If you're in a 25% tax bracket, that's the rate.
Lottery winnings in VA are fully taxable by the state as well. VA income tax rates top out at 5.75% at $17,000 of taxable income so you'll probably be paying that much on the entire winnings to VA unless your income is less than $17k.
2007-07-06 11:58:35 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I think its about 15% I'm not positive though... look under for your state that you live in for Gift Tax or anything that applies to lottery for your state.
2007-07-06 10:50:18 · answer #3 · answered by thehereyes 4 · 0⤊ 1⤋
I DO BELIEVE UNCLE SAM TAKES 10 PERCENT SAD RIGHT YOU SHOULD GET IT ALL
2007-07-06 10:55:20 · answer #4 · answered by CINDYLOU 4 · 0⤊ 1⤋