My friend won $75,000 at the big spin and I was wondering how much taxes they will take off and how much?

Question

will he have on hand after they take the taxes off. thanks in advance :)

Answer 1

I think around 56,000 or 57,000. A couple years ago I knew people that won 75,000 on a scratch off and i know they got like fifty something thousand, but not sure on the exact

Answer 2

Congrats to your friend....after taxes, he will get approx. 50,000 I know this because I also won money and this is around what I got after tax.

Nice avatar pic!

Answer 3

Congrats to your friend, that's a nice win.

The casino itself should remove 25% tax from your payout. There are limits above which any payout is taxable:

If the winnings are more than:

- $600 at a horse track

- $1200 at bingo or a slot machine

- $1500 at keno

- $5000 at poker

Then the payer should report the SS number of the winner, and deduct 25% from the payout. They should also give you a Form W-2G, showing the total winnings and the amount deducted up front.

All winnings need to be reported by you on From 1040 - check line 12, Other Income.

You can offset your losses though - line 28, Other Miscellaneous Deductions, on Schedule A. You don't have to meet a certain level of losses before you can claim, but you can only claim losses up to the total amount of your winnings.

So if you lose $800 before winning $1000, you would still end up paying tax on $200 of winnings.