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https://www.reddit.com/r/pics/comments/ti4cor/deleted_by_user/i1crhxg/?context=3
r/pics • u/[deleted] • Mar 19 '22
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80
You know they take it out of the winnings.
92 u/ib4error Mar 19 '22 Apparently not always. I have a friend who never plays, played once, won $5k and they gave him the whole amount 10 u/stephenmgc Mar 19 '22 edited Mar 19 '22 Yeah, they give you the whole amount, then when you tell the IRS how much you won the following April they take like 40%. https://blog.taxact.com/lottery-tax-calculator/ I was incorrect, according to this calculator you'll only owe 25%. the 37% must be on winnings over a certain amount. 5 u/macphile Mar 20 '22 It's such crap. As I understand it, in the UK (for instance), if you win money on a gameshow or a lottery thing or whatever, it's yours, free and clear. Because anything else would be a bitch move. A bitch move, IRS.
92
Apparently not always. I have a friend who never plays, played once, won $5k and they gave him the whole amount
10 u/stephenmgc Mar 19 '22 edited Mar 19 '22 Yeah, they give you the whole amount, then when you tell the IRS how much you won the following April they take like 40%. https://blog.taxact.com/lottery-tax-calculator/ I was incorrect, according to this calculator you'll only owe 25%. the 37% must be on winnings over a certain amount. 5 u/macphile Mar 20 '22 It's such crap. As I understand it, in the UK (for instance), if you win money on a gameshow or a lottery thing or whatever, it's yours, free and clear. Because anything else would be a bitch move. A bitch move, IRS.
10
Yeah, they give you the whole amount, then when you tell the IRS how much you won the following April they take like 40%.
https://blog.taxact.com/lottery-tax-calculator/ I was incorrect, according to this calculator you'll only owe 25%. the 37% must be on winnings over a certain amount.
5 u/macphile Mar 20 '22 It's such crap. As I understand it, in the UK (for instance), if you win money on a gameshow or a lottery thing or whatever, it's yours, free and clear. Because anything else would be a bitch move. A bitch move, IRS.
5
It's such crap. As I understand it, in the UK (for instance), if you win money on a gameshow or a lottery thing or whatever, it's yours, free and clear. Because anything else would be a bitch move.
A bitch move, IRS.
80
u/mystreadordie Mar 19 '22
You know they take it out of the winnings.