queston: hit the pick 4 at The Big A (ty) it paid 7400$ but I only received about 5400$ ? withholding?
thanks
philywheel
hell, who cares? Nice hit! What tool did you handicap with?
Yes. Save your losers. You should get it back next year.
I thought there was a change in taxing winnings?
The new standard deduction for a single taxpayer is $12,000. What this means is that without any other deductions, you\'d have to have $19,400 in losers to wipe away a win of $7400. Only $11,000 in losers, for example, and it\'s as though you won the $7400 and didn\'t lost a dime all year. If you\'re married with no other deductions, far worse: the first $24,000 in losers will do you no good! Grounds for divorce!
With the new law, the cost of your winning ticket, relative to the payout, is the determining factor as to whether it is a reportable event.
How much was your p4 ticket??
22.50$ I singled saratocgo giro.
If you divide your collection by your total wager, it still exceeds 300-1, making it a taxable event. Since you collected more than 5000,they withheld 25%.
Had your ticket been a little larger, you would not have triggered the 300-1 threshold.