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tax on $1000 scratch off--ky?
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tax on $1000 scratch off--ky?
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| 23/12 2013 02:40
The $500 in losses won't change anything. Your taxable income is $8000 and your tax bill will be around $190.
| 23/12 2013 08:33
you are claimed as a dependent, you have income of $8000, your non taxable income is $6100, thus $1900 is taxable, about $200 income tax your losses can only be claimed if you are using Sch A and there is no way you can do that
| 23/12 2013 21:42
You're not taxed on the $1000. You're taxed on the total of the other income ("under $7000") plus the $1000 minus your choice of either the losing tickets or the standard deduction. Since the standard deduction is usually more than $500, you'll probably do better if you don't claim the losing tickets. If your parents can claim you as a dependent, and you claim the losing tickets, then you'd be taxed on roughly $7000 (under $7000 plus $1000 minus around $500), and the tax rate would be 10%, so you'd be taxed roughly $700. If your parents can claim you as a dependent, and you claim the losing tickets, then you'd be taxed on roughly $7000 (under $7000 plus $1000 minus around $500), and the tax rate would be 10%, so you'd be taxed roughly $700. If your parents can't claim you as a dependent, and you don't claim the losing tickets, then you probably won't be taxed at all. I haven't done the math yet for the other two possibilities (your parents can claim you and you don't claim the losing tickets, or you claim the losing tickets and your parents can't claim you).
| 23/12 2013 13:02
Forget the losing tickets, they'll do nothing for you, for several reasons. If you are not a dependent, you're under the limit to owe tax so will owe nothing on the scratch-off win. If you're a dependent, figure $100 federal income tax on the ticket.
| 23/12 2013 04:17
1000 of UNEARNED income that you did not have to work for to earn. And your 500 losing tickets will not mean any thing at all at this time in your life. You would have to be able to qualify to use the schedule A itemized deductions form for this purpose and time in your life. 10% of the amount that is over 6100 for the tax year 2013 during the 2014 tax filing season. Could be around 190 for your FIT liability amount that you would owe during the 2014 tax filing season when you would correctly fill out your 2013 1040 FIT return at that time. Hope that you find the above enclosed information useful. 12/23/2013
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