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WHAT WOULD BE THE TAXES ON $250,000 LOTTERY WINNINGS?

Taxes! We hate paying them, so let's discuss maximizing tax deductions!

WHAT WOULD BE THE TAXES ON $250,000 LOTTERY WINNINGS?

Postby clach » Wed Nov 30, 2011 5:09 pm

My aunt wanted to know what the exact taxes would be on lottery winnings of $250k. Is there an online calculator for this anyone could suggest? And could she ask for the full tax amount to be taken out at the time of her getting the payout? She needs to know so she can know how much money she can spend out of the winnings and how much she should withhold for taxes if the taxes aren't taken out immediately. If a person won $250k would they have only 150k to be spend based on a 40% tax bracket? I heard of taxes being taken at a 50% rate, but I don't know who this applies to or what. Can someone please explain this so I can explain it to my aunt? Thanks so much. :)
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WHAT WOULD BE THE TAXES ON $250,000 LOTTERY WINNINGS?

Postby reilly » Wed Nov 30, 2011 5:16 pm

50% flat rate but you can get a refund of some when you file a return and your total income is low
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WHAT WOULD BE THE TAXES ON $250,000 LOTTERY WINNINGS?

Postby rendell66 » Wed Nov 30, 2011 5:28 pm

249999.99 dollars. IRS is going bankrupt
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WHAT WOULD BE THE TAXES ON $250,000 LOTTERY WINNINGS?

Postby osckar95 » Wed Nov 30, 2011 5:33 pm

You realize that not every state has the same income tax rate, right?

What would the taxes be if your job paid you $250K? Is the same thing.
It's income tax.

You can look up a tax table on-line if you want.
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WHAT WOULD BE THE TAXES ON $250,000 LOTTERY WINNINGS?

Postby chisulo » Wed Nov 30, 2011 5:47 pm

LegFuJohnson is right. Of course that's only if you're even in the USA. How can anyone possibly even know where on this planet you're talking about? There are many countries in which lottery winnings are NOT taxed at all.

While you explain this all to your aunt, explain to her that she is dilusional to think she'll ever win 250K. The lottery is a tax on the poor and on the ignorant. Which is she?
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WHAT WOULD BE THE TAXES ON $250,000 LOTTERY WINNINGS?

Postby sun » Wed Nov 30, 2011 5:52 pm

Half. With some rebate though.
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WHAT WOULD BE THE TAXES ON $250,000 LOTTERY WINNINGS?

Postby aidan » Wed Nov 30, 2011 6:05 pm

the fed will get about 30% and the state will get about 5 -10% depending which state you live in
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WHAT WOULD BE THE TAXES ON $250,000 LOTTERY WINNINGS?

Postby ruprecht » Wed Nov 30, 2011 6:11 pm

about 50 percent of that.
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