11
February
February
how much will i end up paying for lottery winnings?
cheech_428 asked:
i live in NH, bought a MA scratch ticket and won $1,000, when i file my taxes, how much will i end up paying back? they already took out $50 for MA tax, but someone said i will end up owing $300-$400, is this true?
Category : Lottery
2 Responses to “how much will i end up paying for lottery winnings?”
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It will depend on your tax bracket. If you are for example in a 10% tax bracket, then your federal income tax on $1000 would be $100. It would only be $300+ if your taxable income is in the hundreds of thousands of dollars.
Hi,
If you win the big million dollar jackpot, they can take almost half of your winnings in tax…
If it is under $600, you can keep all the winnings…over $600, then the state requires you to file for it…I’m sure it is not more than 10%…
BJ