federal tax for lottery winnings
Lottery Winnings And Gift Taxes
federal tax for lottery winnings
website federal tax for lottery winnings Lottery winnings are taxable Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% federal taxes on lottery winnings Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000
federal tax for lottery winnings So when the winner next files their taxes, they'll likely have to give the IRS another 13% of that prize In most states, the tax is taken 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, Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total
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