I Won the Lottery! How Bad Are Taxes Going to Be?

website taxes lottery In total, there are 36 states that impose taxes on lottery winnings The 36 states and their corresponding lottery tax rates are New York , Maryland ( taxes on lottery winnings Overall, 27 states earmark some or all lottery revenue for education In , the lotto dollars go to a general fund; in Colorado, the funds go

taxes lottery The Pennsylvania Lottery automatically withholds taxes for winnings more than $5,000 Winners will receive a W-2G tax form in the mail for all prizes won that  How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22  Do you need to pay tax on lottery winnings? Good question If you're wondering if you have to pay tax on lottery winnings then guess what, you

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