Anonymous
01/01/2014 07:39
Subject: Taxes on due on contest winnings
Anonymous wrote:Totally random, but I was contacted today because I won the grand prize for a local drawing. The prize is valued at $20k. I live in Montgomery County MD, but the prize will be issued in Virginia. Roughly what percentage will be due for taxes?
If we decide to donate the prize to a local charity what are my tax implications/liabilities?
TIA!!
Ensure that the prize value is supportable. Sometimes the value is less but whatever they out in your 1099misc will be the value for taxes.
Anonymous
12/26/2013 22:48
Subject: Taxes on due on contest winnings
You'll owe federal income tax at your highest marginal rate plus state tax. So, call it 32% or so.
Donating the entire amount to charity would require you to recognize the income and take a corresponding deduction. Assuming you itemize, you would probably owe no taxes as a result. If take the standard deduction you may owe something.
Donating the entire amount to charity would require you to recognize the income and take a corresponding deduction. Assuming you itemize, you would probably owe no taxes as a result. If take the standard deduction you may owe something.
Anonymous
12/26/2013 22:43
Subject: Taxes on due on contest winnings
Do you want the prize at a cost of $7,000?
Anonymous
12/26/2013 22:38
Subject: Taxes on due on contest winnings
I believe it would be taxed as ordinary income. My game show winnings were.
Anonymous
12/26/2013 22:22
Subject: Taxes on due on contest winnings
Totally random, but I was contacted today because I won the grand prize for a local drawing. The prize is valued at $20k. I live in Montgomery County MD, but the prize will be issued in Virginia. Roughly what percentage will be due for taxes?
If we decide to donate the prize to a local charity what are my tax implications/liabilities?
TIA!!
If we decide to donate the prize to a local charity what are my tax implications/liabilities?
TIA!!