jorieflynn
Member
does anyone know how much the IRS takes out on winnings?
winnings tax
- Thread starter jorieflynn
- Start date
Wolfie
Active member
: winnings tax
I'm not exactly sure what you are asking, but the IRS doesn't take anything out.
If you are wondering what your tax liability is, it depends on your tax bracket. Some can have a large win with very little taxes owed on it. Other's can owe quite a bit on the same win. I would consult your tax professional for info on a specific win.
Good luck
I'm not exactly sure what you are asking, but the IRS doesn't take anything out.
If you are wondering what your tax liability is, it depends on your tax bracket. Some can have a large win with very little taxes owed on it. Other's can owe quite a bit on the same win. I would consult your tax professional for info on a specific win.
Good luck
tigercheryl
New member
: winnings tax
Yes you have to consult your tax advisor. When I asked mine he said I should expect to pay about $250 for every $1000 (25%) I win. Someone else I know has to pay $300 for every $1000 (30%). I believe the casino here in IL says the average tax payer is 27%.
Yes you have to consult your tax advisor. When I asked mine he said I should expect to pay about $250 for every $1000 (25%) I win. Someone else I know has to pay $300 for every $1000 (30%). I believe the casino here in IL says the average tax payer is 27%.