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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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How much does the IRS collect if you win $80,000.00 from a

Resolved Question:

How much does the IRS collect if you win $80,000.00 from a sweepstakes? The state I live in is Virginia
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

Your winnings will be added to your other taxable income and will be taxed all together based on your total income, filing status, deductions etc.

 

Thus if you are single, do not have any other deductions or credits, and $80,000.00 from a sweepstakes - your only taxable income - your estimated 2009 tax liability will be $13,850

 

Virginia state income tax will be extra - http://www.tax.virginia.gov/web_pdfs/taxtable.pdf

I would estimate ~$3800.

 

Let me know if you need any help.

 

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