My Mother won $10k on a scratch ticket, and paid $3k in taxes. She is retired, over 65. Is there some kind of tax law that says certain people can get their taxes paid, back? I’ve heard of people over 65 getting full returns of the taxes paid.
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9. December 2009 at 11:02 pm
They probably withheld 20%, and she’s likely to get some, but maybe not all, of that back. The taxes she owes will depend on her total income. If she only had the scratch off winnings and maybe social security, she’ll probably get it all back.
9. December 2009 at 11:02 pm
The prize is income to her.
If it’s the ONLY income she had, then her taxes would look like this:
10,000 – 8750 – 1300 = 0, she get all of the tax back.
If she’s got other income and social security benefits, then it depends on what tax bracket she’s in.
9. December 2009 at 11:02 pm
very little if any, taxes off of winnings are usually just a donation to the government.