Thursday, February 9, 2012

How much tax is on tv game show winnings like lingo, wheel of fortune, jeopardy etc?

It is the same as any gaming taxes, which vary from state to state. In michigan, if you win over a certain amount (750?) you must pay 33% taxes on your winnings, at least, I think it's 33%.





The game shows should tell you ahead of time how much you will have to deduct. You also have to make sure you can afford to play those games. If you win a car or something and cannot pay the taxes on it, you don't get it. They don't let you sell it then pay taxes.

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