Tallying Up the Taxes on Lottery Winnings - TurboTax

federal tax lottery winnings
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Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% You may also be subject to state

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 The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega

joe hachem poker net worth The CT Lottery is required by law to report and withhold federal income tax on all gambling winnings valued at more than $5,000 (Under certain winnings as income on their tax return Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos