question about taxes on big prizes

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May 24, 2012, 06:13:23 PM

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Sweepstakes Advantage Online Forum > Sweepstakes > Questions & Answers > question about taxes on big prizes

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bansheecry

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« on: December 10, 2011, 02:26:15 PM »

I know it depends on the state but what is the avg percent you pay on taxes for a big prize. Say a $6000 prize?


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Amy Shulkusky

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« Reply #1 on: December 10, 2011, 04:20:28 PM »

Here's a thread that will help:

ARV and your taxes {TY to LIDARKSIDE}
http://www.sweepstakesplus.com/smf/arv-and-your-taxes-ty-to-lidarkside-t50686.0.html

It really depends on YOUR tax bracket - we figure 33% on casino wins and sweeps wins are the same - they bump up your net and push you into a higher bracket.


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