today i not only the day of RELIANCE POWER LTD LISTING day but also BIRTHDAY Of her SEXY wife TINA AUNTY.IF RELIANCE POWER SRIPTS PRICE will close above RS.500/-he will celebrate b'day of his ...
If so, what do you choose to invest in? What do you like about it? What do you dislike about it? Are you self-employed or do you work for a firm? Do other people invest their money with you? A...
I have a Mutual Fund (Roth IRA) and recently my account showed a Capital Gain and Income Dividend transaction. Can somebody please explain to me what a Capital Gain and Income Dividend is in regard ...
Hi, I have a financial advisor with UBS. He is one of those kinds who is lazy, unqualified and is not willing to go extra mile to help me. When I ask him a question, he says he will get back to me ...
i am brand new to the stock market and im sooooo lost. do i need to go through a broker? im looking at one particular stock and it has an ask price of 3.00 but it also has an x 1100 next to it, does ...
I am amazed at the growth of the Indian Stock market index from around 4800 during 2003 to 20,000 odd at present. I would like to make some money by investing in it... but the fear of the unknown ...
Yes because it's income...The taxes are gone before the winning even hits your hand.
rogue
The taxes are taken before your get your winnings.
rpf5
Yes, it has to be declared as income...and in most states some taxes are taken out BEFORE you get paid.
bud68
Yep.
mary magdeline
either way the money will be taxed.
BeenAroundTheBlock
In California, California State Lottery winnings are tax-free, so if you're a Californian and win in the California Lottery, you don't have to pay state tax on it. You do, however, have to pay Federal tax, because to the Feds it is income (and it doesn't matter what you spend it on). I believe that the California Lottery generally withholds 25% Federal withholding, but of course the amount you will actually owe will depend upon your situation.
Technically, of course, you're supposed to pay income tax on all of your winnings, no matter how small (even $1), but most don't unless they win enough that the Lotto reports the winnings to the government.
Note also that you are allowed to deduct gambling losses to the extent that you have gambling winnings (all within the same tax year).
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