What's the Tax on Lottery Winnings?
What's the Tax on Lottery Winnings?
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If you win more than $5,000, you have to pay a 24 percent federal withholding tax However, depending on your annual earnings and tax deductions, you may get
This means you'll pay federal income taxes on your winnings, although the amount depends on how much you win, your other income, and your tax The tax must be withheld by the Lottery Department on the date of actual or constructive payment, whichever is earlier, as defined in federal Treasury
17 october lottery sambad Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes, Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37%
