How much tax has to be paid on lottery or game show prize money?

how much tax do you have to pay on lottery winnings
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The tax is usually deducted at source by the lottery distributor before you receive the payout 2 Can lottery winnings be legally shared

The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of 5% from all payments of reportable Connecticut lottery winnings made to

how to cheat the lottery If you win $1,000, your total income is $43,000, and your tax rate is still 22% It's conceivable that winning a large amount could bump your income into a

how much lottery money goes to taxes While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding