how much does irs take from lottery winnings
Are Lottery Winnings in a Foreign Country Taxable in the US?
how much does irs take from lottery winnings
website how much does irs take from lottery winnings The first thing that happens when you turn in that winning ticket is that the federal government takes 24% of the winnings off the top But the how do you play basic poker If you win more than $5,000 in the lottery or certain types of gambling, 24% must be withheld for federal tax purposes You'll receive a Form W-
how much does irs take from lottery winnings Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax How does my change from a resident to a nonresident affect my New York State income tax obligation with respect to the lottery prize payment that I received as 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
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