IP 200938 Connecticut Income Tax Treatment of State Lottery

how much of lottery winnings is taxed
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In addition, the Lottery is required to report to the IRS gambling winnings that are $600 or more, and

Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk

tombstone rip slot free play Lottery winnings are not taxed twice Under both the federal and state tax system, they are considered ordinary taxable income You pay tax on your winnings The top federal tax rate is 37% for income over $500,000 The first thing that happens when you turn in that winning ticket is that the federal