us lottery tax
$ billion Mega Millions: How is the lottery taxed in CA?
us lottery tax
website us lottery tax Lotteries pursuant to the Lotteries Act and the amount of tax · 5% of the realised sales price of tickets sold for non-money lotteries or usa lottery jackpot How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22
us lottery tax While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding Where the money goes Mega Millions profits are split between 47 lottery jurisdictions 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,
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