How are lottery taxes divided between the government

colorado lottery tax
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Any prize worth more than $5,000 will have 24 percent deducted for federal taxes and additional four percent will be deducted for Colorado state taxes

The Colorado Volunteer Income Tax Assistance and the Colorado Tax Colorado Lottery, Division of Motor Vehicles, and Division of Taxation Low Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

is tyler lockett a slot receiver In the fall of Page 6 Smith: The State Lottery Tax 5 1991, survey results from all lottery games in the states of Florida, Virginia, and Colorado showed The federal government automatically takes 24% in tax withholdings on all prizes over $5,000 So, at a cash value of $ million, the federal