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I was wondering if I won a jackpot of $1200.00 in the state of Iowa if they would take out both state and federal taxes???Thank you..
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Re: pay off on $1,200 jackpot win?
If you happen to win a jackpot of $1,200 or more in Iowa, the casino will withhold 5% of your winnings for the Iowa Department of Revenue. If you want to try and get that money refunded, you will be required to file a state income tax return and, depending on the details of your return, you may get some of the money returned to you. The $1,200 threshold would also apply to any cash prizes won in casino drawings or tournaments.
I don't belive they take out any Federal taxes. They just report the win to the IRS and you need to claim it as income on your taxes.
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