How much taxes do you pay on game show winnings?

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asked Jan 11, 2019 in Television by carolinjones (270 points)
How much taxes do you pay on game show winnings?

3 Answers

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answered Jan 11, 2019 by Jodie (35,100 points)
When you win prizes or money on Game Shows you pay around 12.7 % to 25 % of taxes on the winnings.

So lets say you won 25 million dollars you would have to pay Federal Taxes of 9.5 million dollars on those winnings so you won't be getting all that 25 million dollars.

Winning money or prizes on game shows put you into a higher tax bracket and you will have to pay money out on taxes.
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answered Mar 29, 2020 by RobertPolson (3,960 points)
edited Sep 25, 2020 by RobertPolson
It depends on what role you are in. There are those who just check dota 2 upcoming matches and make bets counting on winning. Here the tax is the same as on the lottery. However, there are people who play on a professional basis and often win tournaments and prize money. I think this is considered work and is calculated at full rate.
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answered Sep 25, 2020 by GeorgeMills (3,080 points)

I have been playing at online casinos for a couple of years now. Here is my favorite site - Taxes are a sensitive issue. Everything is done so that I can not pay if the casino has the jurisdiction of another country. But I prefer to play fair and fill out the declaration every year.

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