Old  March 13th, 2012, 12:41am     #1
LuckySkunky is offline
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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!!
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  Old  March 13th, 2012, 12:57am     #2
vtvixen469 is offline
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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.

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  Old  March 13th, 2012, 12:58am     #3
judyv01510 is offline
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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.
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  Old  March 13th, 2012, 1:01am     #4
LuckySkunky is offline
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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.
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  Old  March 13th, 2012, 1:17am     #5
RainGypsy is offline
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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.
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  Old  March 13th, 2012, 1:46pm     #6
anniemouse is offline
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How could anyone here possibly know? What? Are we mind readers?

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  Old  March 13th, 2012, 1:54pm     #7
gypsylover is offline
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I usually go with 30% overall to be safe but everyone's tax situation is individual.
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  Old  March 13th, 2012, 2:08pm     #8
bomar97 is offline
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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!

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  Old  March 13th, 2012, 3:18pm     #9
Schmoolander is offline
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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.


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Previous Years - 2013 : 79, 2012 : 142, 2011 : 205
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