i won the lotto last year in NYS and i recieved a W2 to claim on my taxes. does anyone know what percentage of my winnings i’d have to pay back?

 

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  • I’m in Ohio.
    Ours is 31%.
    However, that would be if the winnings were over $6,000.
    Then, it is automatically taken out and you wouldn’t be bothered to report it on your income tax.

    Anything between $600-$6,000 should be reported as income and is taxed like regular income.
    So, you won’t have your answer until you recieve all your W2s for the year and fill out your income tax as you do every year.

    ADDING DETAILS: If you can get your hands on the same amount of losing tickets that you have won, you won’t be taxed at all.

    For example, if you won $1,000…having $1,000 in losing tickets will exempt you from being taxed on your winnings.

    However, I am told scratch off tickets do not count toward that tax law.
    I’m not 100% sure exactly how this tax law works, but I do know there is one.

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