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| *Ostroff, Fair and Company>>>Canada Taxes |
How do i get the tax back taken after winning a jackpot in Vegas??? |
How do i get the tax back taken after winning a jackpot in Vegas??? This is covered by the double tax treaty between Canada and the US. The treaty states that lottery winnings are only taxable in the place of residence of the winner. So you if you are taxable on the winnings then you are taxable on them in Canada. As Canada does not tax lottery winnings they are tax free. To get the tax back on lottery winnings you need to file a claim with the US IRS. You can write to their head office and cite the Double tax treaty and they will send you the claim form or you can find an Accountant or Lawyer who can do this for you. You can't. U crazy? U ain't ever gettin' that money back. You can't. Unless you file a claim that you lost everything that you earned. Or Have enough losses to surpass your winnings. You can't. I don't think you can. Uncle Sam likes your money too much. Can I borrow $5? I am assuming the casino withheld, almost certainly in compliance with State and Federal tax laws, a percentage of your winnings. That percentage is, I am sure, specifically stated in tax laws, and they have no choice in the matter. At the end of your tax year, which for most of us means we have to file by April 15th in the next year, you are supposed to file your federal and state income tax forms (in states which have state taxes.) On those forms, you must list all eligible income, and there is definitely a place to list gambling winings. You work through the forms and calculate how much taxes you must pay on that total income. (There are good software progams one can buy at modest cost, even at places like Wal-mart.) You also list any withholdings, such as those taken from your pay check, AND the amounts the casino took out. If you owe more taxes than were withheld, you must send them a check for the extra taxes. If you owe less taxes than were withheld, then you get a refund. This is the only completely legal way to get any of that taxes withheld by the casino, that is, if the numbers show you deserve any of it back. Probably the only way you can get back the amount that was withheld by the casino is, if you had little other income that year, and thus your total taxes OWED are much less than the amount withheld. If this is still too complex for you, just wait until the next February, get all your papers, including that jackpot, and other income, and go to a tax place and pay them to calculate your taxes for you. They will tell you how much refund you will get. Come to think of it, you probably should get the forms and see if you must pay more than they withheld, since underpayment of estimated taxes can in some cases, subject you to penalties. These estimated taxes are supposed to be paid quarterly. (Do look closely at the part which says in some cases there will be no penalties.) It would have helped if you had given an idea of the amount. If the jackpot was 4 million dollars, that is different than a $250 jackpot. |
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