How are Lottery winnings taxed?

website how is the lottery taxed For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series how to win at poker 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,

how is the lottery taxed Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no  lottery , or persons who manage lotteries , or prepare schemes for them , or superintend the drawing of tickets , are lottery ticket dealers under the act  If, for example, a lottery winner resides in a high-tax State, barring some nuance in State law, a lottery winner can change his or her domicile to a State that

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