what is the federal tax on lottery winnings
Tax Information
what is the federal tax on lottery winnings
website what is the federal tax on lottery winnings The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega what''s the chance to win the lottery The top federal tax rate is 37% for income over $500,000 The first thing that happens when you turn in that winning ticket is that the federal
what is the federal tax on lottery winnings Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000 Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket, income for the year of change on your federal income tax return must be included in The lottery prize payment is gambling winnings taxed as ordinary income
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