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Will Hi if I win a 100.000 in the federal taxes take out 24.000 do I get any of that back at tax time???
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the $100K is income. The $24K is an estimated payment of taxes owed on that $100K. when you file your return
including these amounts, your taxes will be calculated and the $24K will be applied to your tax liability, so if your tax liability net of other payments and credits is $0, you get the full amount back if not the balance owed will be taken out and you'll only get back the difference.
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