| Posted by: smd173 at September 3, 2007, 1:00 am | | Topic: New Tax Law Forum: Card Chat |
I don't know why everyone is cry about this. The only thing new they'll be doing is taking the 25% out when you win. You are always required to pay the applicable taxes on ANY win over $601. So if you were winning $5000 before, you still owed it to Uncle Sam, it just wasn't taken immediately.
Any lottery winnings are taken immediately. Really this rule change is not too much different, unless you have been a tax cheat. In which case, you potentially could have much bigger issues.
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