VA Employer said they didn't have to turn anything in until Jan. and IRS says employee has nothing to do with anything that an employer does..but what happens if at the end of the year, the ...
it says you should receive a letter prior to receiving your Stimulus check to let you know that you are receiving this. Has anyone received their letter yet? I have not thats why I am asking. BUT ...
I know you can give individuals $13,000 per year without them having to pay taxes, but how can I give $50,000 to someone without them paying taxes on it? (Other than giving them cash.)...
can a stimulus check be cashed in any way without me actually being the one to cash it?
I ask because ever since i was young my mom has been so greatful to do my taxes online....but as i got ...
I was in the process of moving in January 07' and I never received my tax forms for my previous job. I was a "self-epmloyee" so no taxes were taking out of my checks throughout the ...
I will be starting student teaching this year and will need to buy clothes and shoes, can those be claimed along with text books and other supplies? Since I will be back in school, i'll also ...
I am doing a temp contract at a big name institution through a legitimate private company. I am told that I'll do a form 1099 when I complete the contract.
If someone wins a lottery or wins at gambling who is responsible for paying taxes?
Additional Details I have someone telling me that you can take your whole earnings as long as you dont cash it you can deal with your responsibility on paying taxes. I dont think he is right
If they made over $600, then a W-2G will be accomplished withholding a certain amount of the winnings. You have to declare it on your taxes, though.
If you made $599, no W-2G. It's still taxable, and I'm sure you're an honorable person who'd do the right thing.
Coff.
gls_merch
Yes, gambling winnings are considered taxable income. You can offset winnings with losses to the extent you document them. If your losses exceed the winnings, too bad.
In the case of most state lotteries, I am pretty sure they withhold the taxes especially for the very large purses.
cinsingl83
The person who wins the money is responsible for paying taxes. The payer of the money will provide the winner with a 1099-G form with the amount to be included on the winner's tax return.
curious george
The winner!! See IRS Pub 17. http://www.irs.gov/pub/irs-pdf/p17.pdf
The Emperor of Ecstasy
lottery (income tax) and gambling income taxes are taken out when the money is claimed...
DB
The winner is responsible but most the gambling institution will usually take taxes out before they pay you, depends on how much is won.
Judy1
The person who wins is responsible for the taxes. The payer will send you a form for taxes if the win is over a certain amount, don't remember the amount exactly but it's something like $600 or $1000.
If you had a winning lottery ticket and didn't cash it, nobody would know you had it so I suppose you could just hang onto it until the next year and cash it then, and the income (and taxes) would be in the following year.
Bird Breath
The person who wins the money!
munson2015
the winner receives the money after taxes so the buyer is responsible
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