5 Tips for Avoiding Taxes on Lottery Winnings

federal lottery taxes
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The IRS takes federal tax “off the top ” But the winner then pays additional federal income taxes based on the tax rate tied to their federal

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, The lucky ticket holder can expect an automatic federal withholding of 24% and state withholding of 8%, but the final bill will be millions more

reseña slot vikingos gold If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding The California Lottery is required by the Internal Revenue Service to withhold federal taxes on many prizes There is no California state or