Lottery Tax Calculator: How It Works, What You Owe
Lottery Tax Calculator: How It Works, What You Owe
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If your prize is over $5,000, the IRS requires the payor to withhold 28% for federal taxes In addition to federal tax on lottery winnings, your
Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take 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
amazon queen free slot play If you win more than $5,000 in the lottery or certain types of gambling, 24% must be withheld for federal tax purposes You'll receive a Form W- The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of 5% from all payments of reportable Connecticut lottery winnings made to
