Old  March 13th, 2012, 1:41am     #1
LuckySkunky is offline
LuckySkunky
Gone Camping

 
Joined: Aug 2011
Posts: 3,000
How much tax can I expect to pay $1,000 GC win?
I would like to prepare for next tax season when I'll have to pay on the $1,000 GC. I am wondering if anyone who has won and had to claim about $1,000 how much did you have to pay on it?

Thank you for the info!!
Reply With Quote
  Old  March 13th, 2012, 1:57am     #2
vtvixen469 is offline
vtvixen469
Master Sweeper
 
vtvixen469's Avatar
 
Joined: Jan 2005
Posts: 3,650
Location: Vermont, wishing for GA!
It will depend on your personal tax situation. For me a $1000 wouldn't cost me that much maybe 15%. But Congrats. I am hoping to have to pay tax on a $50,000 cash win that I have my eye on.

THANK YOU OLS VOTERS, MY BEAUTYREST IS HERE!!
ALLOW ME TO EXPLAIN PEOPLE TO YOU...MADEA STYLE. I MADEA
Reply With Quote
  Old  March 13th, 2012, 1:58am     #3
judyv01510 is offline
judyv01510
Master Sweeper
 
judyv01510's Avatar
 
Joined: Nov 2003
Posts: 4,370
Location: Phoenix
No one knows the rest of the story. How much other income you have, how many kids are you married, are you in a state that has income tax etc. So that said fed and state(where the is an income tax) , between $0 and $430.

Go to a free tax program, turbo tax etc and plug in this years data and add the win and see what it says.
Reply With Quote
  Old  March 13th, 2012, 2:01am     #4
LuckySkunky is offline
LuckySkunky
Gone Camping

 
Joined: Aug 2011
Posts: 3,000
Ok you guys are right , I really didn't think this through. I basically make so little money that I get everything back ( and then some) anyways. I don't think this is going to affect me too much next year. There is a lot of factors involved so yea nobody can answer this question.
Reply With Quote
  Old  March 13th, 2012, 2:17am     #5
RainGypsy is offline
RainGypsy
Grand Master Sweeper
 
RainGypsy's Avatar
 
Joined: Jan 2003
Posts: 12,449
If your family status, income, etc., will not be changing from last year, you can estimate it by simply adding it to your 2011 taxes (misc. income) and seeing how it affects that.

If you were not required to file taxes for 2011, just add $1,000 to your 2011 income to see if it brings you up to or over the cutoff point where you would be required to file taxes.

Won't be exact, but pretty close.
Reply With Quote
  Old  March 13th, 2012, 2:46pm     #6
anniemouse is offline
anniemouse
Senior Sweeper
 
anniemouse's Avatar
 
Joined: Dec 2009
Posts: 938
How could anyone here possibly know? What? Are we mind readers?

:eyes:
Reply With Quote
  Old  March 13th, 2012, 2:54pm     #7
gypsylover is offline
gypsylover
Master Sweeper
 
gypsylover's Avatar
 
Joined: Apr 2003
Posts: 4,053
Location: Cape Cod,MA
I usually go with 30% overall to be safe but everyone's tax situation is individual.
Reply With Quote
  Old  March 13th, 2012, 3:08pm     #8
bomar97 is offline
bomar97
Grand Master Sweeper
 
bomar97's Avatar
 
Joined: Oct 2002
Posts: 17,636
Location: Upper Central/Lower Northern/sometimes Downeast ME
I don't wonder what anything will add unless it's a big time win.. after all, if you add up all the little wins, you're probably over $1,000 on those by the end of the year. It's surprising to see how much the little rinky dinky prizes add up!

Time to win, win, win!!
Reply With Quote
  Old  March 13th, 2012, 4:18pm     #9
Schmoolander is offline
Schmoolander
Master Sweeper
 
Schmoolander's Avatar
 
Joined: Oct 2003
Posts: 2,768
Location: Boston
I usually "assume" 30%... that way I can decide if I really want a prize. I always ask myself "Would I pay 30% of the ARV for that?" That's why I never enter for trips to NYC... I go all the time. While staying in a nice hotel in NYC would be a treat, I wouldn't want to pay 30% of most of those trip values to visit somewhere I go all the time.

-Schmoolander

Total win count for 2014: 26
Previous Years - 2013 : 79, 2012 : 142, 2011 : 205
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 9:43am.