Tax Tips for Lottery Winners
Tax Tips for Lottery Winners
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You cannot net the winnings and losses for tax years 2020 and prior Starting in 2021 if you elected to itemize deductions on your federal return (you did not
If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding
w756 lottery result today Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total Personal Income Tax Facts: Taxpayer Davis, a computer programmer, buys 15 lottery However, since federal law taxes the gain from gambling, Taxpayer Davis may
