How are Lottery Winnings Taxed?

federal tax on lottery winnings
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In addition to federal taxes, most states tax lottery winnings New Jersey is among the highest state tax rates ultimately taking % of the

California and Delaware do not tax state lottery winnings Arizona and Maryland have separate resident and nonresident withholding

federal tax for lottery winnings However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

federal tax lottery winnings Answer: Lottery payments are subject to tax as ordinary income While there is little you can do to avoid this income tax, there are steps you can take to