Gambling and Lottery Winnings

federal tax on lottery
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Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding

federal government grant real facebook lottery winners list Lottery wins are subject to a 30% TDS rate However, the TDS rate increases to % (including surcharge and

federal lottery taxes For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series