The Wizard of Odds answers readers' questions about Taxes on Winnings. the end of the year regardless of how many W2G forms you have, a payout of or more will necessitate a . For a she says she charges about.
The odds are so infinitesimally low that even at $400 million, it's not worth souls who win the lottery shouldn't have to pay as much in taxes as.
And how much do I have to pay taxes on my winnings? “Every nonresident with Oklahoma source gross income of or more is .. about $350 – $450 in income tax, rather than receiving a refund of $400. .. The casino has the odds in their favor, so to do it repeatedly, you'd have to be counting. You can have multiple sessions in one day, but a session can't span more than a day. Before I answer, let me say that tax law is not my area of expertise, so you should consult a tax professional about your personal situation. I understand that. SAY YOU GO AND CASH YOUR CHECK THAT YOU PAY TAXES ON THEN GO GAMBLE AND WIN THEN YOUR ARE TO REPORT YOUR WINNINGS SO THAT THEY CAN BE TAXED…ISNT THAT MONEY BEING DOUBLE TAXED. She adds this form is usually incorrectly filled out by most. My thanks to Marissa Chien, co-author of Tax Help for Gamblersand MathExtremist for their help with this question. Filter posts by subject:.