How Are Lottery Winnings Taxed by State?
How Are Lottery Winnings Taxed by State?
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The IRS charges a flat rate of 24% on all lottery winnings over $5,000 For example, if you won $1 million, you would pay around $240,000 in
When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal Therefore, the payment from the third-party purchaser is considered a payment of gambling winnings and is taxed as ordinary income Accordingly, the amount of
dear lottery yesterday result 8pm New Yorkers, for example, could see their winnings taxed at up to % or more, depending on where in the state they live Only a few states — If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding
