Does anyone know the taxes you pay on gameshow winnings in Texas??

Question

If i won $100,000, how much would I actually get?- if I live in Texas but the show was in California!

Answer 1

Believe me, if you won $100,000.00, you wouldn't be living in Texas any longer.

Answer 2

$-0-.  Texas has no provision for personal income taxes.  But, since the show was in California, they will probably want a piece of your pie.

Answer 3

Gaming winnings=ordinary income.

Your tax rate will depend on your taxable income

Adjusted Gross Income-deductions and credits=taxable income

All taxable income will be subject to your marginal tax rate.

You can perform an estimate with 2007 tax rates and your total 2008 projected earnings and deductions.  Or, if your tax situation in 2008 will be similar to that of 2007, merely figure the winnings into your 2007 return to get an estimate for 2008 taxes.

If you want more personalized assistance, call the Texas department of revenue.  If you get an operator who is unhelpful, call again until you are connected with someone who is.  When I had a tax question, the revenue dept in my state and the IRS were most helpful.

Good luck.

Answer 4

It depends on what tax bracket you're in.

Answer 5

The  feds  will  take  about  25%   and  texas ,  maybe  15%  but  not  sure .

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