IP 201128 Connecticut Income Tax Treatment of State Lottery

how much tax is taken out of lottery winnings
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We do not tax California Lottery or Mega millions Visit Gambling losses are deducted from the winnings as an itemized deduction

Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $575,016,000 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

mgm poker online michigan Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments 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