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How much on $106,500 from lottery winnings would I have to pay when i file taxes?

I won $150,000 but after federal and state taxes I got a check for $106,500.  I file head of household with 2 children. So wondering if I would pay a large amount back in taxes when I file.

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5 Replies

How much on $106,500 from lottery winnings would I have to pay when i file taxes?

Well you probably will owe a lot of extra taxes on the increase in income but they already took out a lot of tax withholding out of it.  It's like withholding from your paychecks.  You have to enter in all your income and taxes already taken out.  And the difference will be what you owe or get refunded.  But with that  much increase in income you might not qualify for some credits as before like the EIC.  We can't tell you how much tax you will owe unless we see your whole tax return.

How much on $106,500 from lottery winnings would I have to pay when i file taxes?

PS:   You'll include the entire amount of 150K as income on your tax return, not just the 106.5K.
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How much on $106,500 from lottery winnings would I have to pay when i file taxes?

Keep your state taxes in mind as well.
Critter1
New Member

How much on $106,500 from lottery winnings would I have to pay when i file taxes?

Is there a way to get an estimate of my 2015 refund?

There is. You can get a ballpark figure of your 2015 federal refund with TaxCaster, our free tax estimation tool. TaxCaster isn't available for states, only federal.

Another way to get an estimate is to sign in to TurboTax Online (available December 1) and enter your tax info there. As long as you don't print or file your return, you can use the program free of charge.

The main advantage TurboTax Online has over TaxCaster is that you can get projections for your state taxes. One big disadvantage is that in December, while the forms and calculations are still being worked on, you may not get a very good estimate. Also, if you need an estimate before December 1, your only option is TaxCaster.

https://ttlc.intuit.com/questions/2584400-is-there-a-way-to-get-an-estimate-of-my-2015-refund


How much on $106,500 from lottery winnings would I have to pay when i file taxes?

Some other points:

1.  You may be able to offset some of this with any gambling losses you had in the same year, if you itemize.

2.  If you have an ACA Premium Tax Credit, you'll likely have to pay it back.

3.  You may be subject to additional Medicare tax.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Questions-and-Answers-for-the-Additi...

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