Income Tax Topics: Part-Year Residents & Nonresidents

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On the state side, most states treat lottery winnings as income for tax purposes and the tax rates vary by state Colorado state flag against blue sky

If no social security number is provided the Lottery withholds 34 percent from your prize winnings Will I owe more taxes? #5 Colorado With an income tax rate of % on lottery prizes, this mountainous state lets you keep far more of your winnings than most states #4 Indiana

joker reelz slot Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no California has the highest income tax rate in the country, but it doesn't tax lottery winnings Colorado: %; Ohio: %; Illinois