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| *The Commerce Journal>>>Canada Taxes |
Tax on $12,000 lottery winnings? |
In the state of NH? Lucky you. I would say you'll walk out with around 9000.00 or the very least of 7800.00--my cousin won 10,000(lottery) and ended up with 6750 after taxes, but we don't live in your state. go head and take a third to taxes, its a good figure depending on income. Don't even speculate. Go to the NH State Lottery website, or call them. Every state collects differently for different winnings, and games. Even if the prize money is taxed immediately, you also have to file a tax return with the amount added to your regular income, and that may also cause you to owe at tax return filing. Diamond girl had a good answer, but you can also on your taxes take a deduction for up to the amount of your winnings as a loss. We are lucky here in Canada. We dont pay ANY taxes on lottery winnins! |
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