Do you need to pay tax on lottery winnings?
Do you need to pay tax on lottery winnings?
With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37% (So after
Lottery and Gambling Winnings · 5% for Lottery payouts between $10,001 and $500,000; · 8% for Lottery payouts over $500,000; and · 8% for Lottery and Gaming Taxes States use lottery and gaming revenues to fund a variety of public programs and services, including education and economic development
what to do if i win the lottery A: For residents and resident aliens, percent in federal and state withholding taxes is deducted for every Lottery prize over $5,000 Current federal tax The reward would be subject to tax according to Section 56 and reported under the title “Income from Other Sources ” The lottery winners are
