Smart strategies to minimize the tax implications of your lottery

tax for lottery winnings
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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

The tax applicable on the winnings from a game show, lottery, tv show, crossword puzzle, etc must be deducted at the time when the winning

tax on lottery winnings australia But that's not all You also have to consider state taxes Most states in the US will charge a separate tax on lottery winnings This can range from 0% to over

tax on lottery winnings uk Is lottery & gambling income taxable? Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by