Question by scetchin: I Won ,500 On A Scratch Off Do I Pay Tax’s?
Below was taking from the www.NyLottery.Org Website Does that mean i dont pay tax’s since it’s under ,000?
TAX AND OFFSET INFORMATION
The Lottery is required to report and withhold taxes according to the regulations of the Internal Revenue Service and the New York State Department of Tax and Finance.
The current tax withholding rates are:
Required Federal withholding 25%
Federal backup withholding 28%
Federal Non-resident Alien withholding 30%
New York State withholding 8.97%
New York City withholding 3.648%
Yonkers withholding .897%
Legislation was passed that requires the New York Lottery to withhold New York State taxes from taxable prizes over ,000, regardless of the winner’s place of residence. This law became effective October 1, 2000 and can be viewed at www.tax.state.ny.us By law, the New York Lottery is required to withhold past-due child support and prior public assistance received from any Lottery prize of 0 or more.
Also im on probation is that considered a public assisstance no right they mean borrowing money etc.?
so how much is income tax on this? an probation isnt a public assisstance correct?
Answer by In Michigan
Looks that way, but if you owe anything of what they have mentioned then you won’t get anything
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