Question

If I win $5000 in the Maryland state lottery, what percentage of that amount can I expect to pay Maryland and the IRS, respectively? I am trying to identify the combined exact out-of-pocket number bef

Forum|Forum|6 years ago
December 22, 2019
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TurboTax Online

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Federal and state tax rates are "progressive". The higher your total income, the higher the tax rate (%) on any additional income. So, your question can't be answered without knowing how much other income you have.

You can use this tool, for an estimate of federal tax: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1. Enter your regular income first to see the regular tax. Then add the $5000 to see the effect.

For state tax, see the brackets at https://www.incometaxpro.net/tax-rates/maryland.htm. You can probably just use 5%, for an easy estimate.