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(48,217 posts)

21. Lottery and sweepstakes prizes are taxable, too

Thu Aug 2, 2012, 05:37 PM

Aug 2012

Look at your state lottery's website. They specifically say that they deduct taxes before giving you your check.

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34 replies

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I cannot believe that Olympic athletes have to pay taxes [View all] B2G Aug 2012 OP

Hasn't this ALWAYS been the case? Cali_Democrat Aug 2012 #2

More to the point, why SHOULD it be an issue? rocktivity Aug 2012 #19

Lottery and sweepstakes prizes are taxable, too Lydia Leftcoast Aug 2012 #21

Sorry, I misspoke -- you're absolutely right, of course rocktivity Aug 2012 #25

Partly true riverbendviewgal Aug 2012 #3

That's right! sadbear Aug 2012 #8

I guess that's a 35% tax rate on the check that comes with the medals. sinkingfeeling Aug 2012 #4

35% only if you pull in sharp_stick Aug 2012 #16

WHAT check?? They win medals, not money. kestrel91316 Aug 2012 #20

They win money as well Sgent Aug 2012 #22

If they're income, yes Retrograde Aug 2012 #6

PolitiFact--Mostly False Maeve Aug 2012 #7

Sure, the NBA players will pay that much. Nobody else will. Nt DevonRex Aug 2012 #10

Then let's stop taxing military, cops, firefighters, etc. russspeakeasy Aug 2012 #11

Aren't deployed military exempt from federal taxes? B2G Aug 2012 #14

Rule of thumb Kalidurga Aug 2012 #12

Who doesn't win a cash prize and recieve a 1099 along with it. ipfilter Aug 2012 #13

Someone has to make up for Mitt Romney never paying any taxes, ever. Chorophyll Aug 2012 #17

i don't see the problem with this JI7 Aug 2012 #23

They pay taxes on the $ prize that goes along with the medal WolverineDG Aug 2012 #24

RW BS with figures based on highest tax rates, no deductions pinboy3niner Aug 2012 #27

Y'all need to visit Snopes Dyedinthewoolliberal Aug 2012 #28

I can't believe Olympic athletes get money for each medal. GoCubsGo Aug 2012 #29

They get it from the US Olympic Committee nt WolverineDG Aug 2012 #32

well, because the rich and wealthy are Morbidly well-Off fascisthunter Aug 2012 #30

Marco Rubio Turbineguy Aug 2012 #31

Do you want to ban taxation on all awards, or just these? alcibiades_mystery Aug 2012 #33