Sun 11 Jan, 2015 04:23 am
i won the ma. lottery for 15,000 and paid both state and federal taxes when i cashed the ticket. Now. My question is did they take to much taxes out and would i get a refund on that money after it is added to my yearly earnings.
Without knowing the precise details of your income, deductions, exemptions and tax payments, no one here can determine whether too much was withheld from your lottery winnings to cover your potential tax liability. If they withheld too much, you should get a refund if you file an accurate state and federal return on time. Your accountant or tax return preparer should be able to help you determine if you are due a refund.
Some more info is at http://www.mass.gov/dor/individuals/filing-and-payment-information/guide-to-personal-income-tax/massachusetts-income/gambling-and-lottery.html#Where
Yes, if they withheld too much you would be entitled to a refund just like on your regular salary.
What kind of weird country taxes lottery winnings? In Europe you get to keep the lot.