Smart tax strategies for lottery winners - Tax Insider

what is the taxes on lottery winnings
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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

Federal taxes are the same for everyone Winnings are taxed 24% upfront, although the total tax bill will almost certainly be 37% when you This form reports the amount of your Lottery winnings and must be filed with your federal income tax return You should also keep a copy for your records

joueur de poker connu Indiana taxes lottery winnings at a rate of % Lottery Tax Rate Iowa See more add_circle  All winnings from an out-of-state lottery are taxable for New Jersey gross income tax purposes, regardless of the amount Page 2 7 ) Q Will the New