turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Deciphering Your Tax Forms on Feb 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

If I win $5000 in the Maryland state lottery, what percentage of that amount can I expect to pay Maryland and the IRS, respectively? I am trying to identify the combined exact out-of-pocket number bef

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
Hal_Al
Level 15

If I win $5000 in the Maryland state lottery, what percentage of that amount can I expect to pay Maryland and the IRS, respectively? I am trying to identify the combined exact out-of-pocket number bef

Federal and state tax rates are "progressive".  The higher your total income, the higher the tax rate (%) on any additional income.  So, your question can't be answered without knowing how much other income you have.

You can use this tool, for an estimate of federal tax: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1. Enter your regular income first to see the regular tax. Then add the $5000 to see the effect.

 

 

For state tax, see the brackets at https://www.incometaxpro.net/tax-rates/maryland.htm.  You can probably just use 5%, for an easy  estimate. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question