QUESTION
How much would taxes be on a $30,000 cash drawing prize in ohio
Asked on May 22nd, 2013 on Taxation - Ohio
More details to this question:
Prize would be won at an event where prizes are drawn lottery style after purchasing an event ticket for $100 up front. Multiple prizes will be drawn for and awarded over a 6 hour period. The $30,000 is the grand prize.
1 ANSWER
Robert Barnhill III
Any winnings from games of chance are taxed as ordinary income like wages. You can deduct the ticket prices that enabled you to enter the drawing. The winnings will be subject to both state and federal income taxes. How much you would owe depends totally on your 2013 income.
Answered on May 22nd, 2013 at 7:28 PM