How Lottery Winnings are Taxed
How Lottery Winnings are Taxed
The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that
federal withhold- ing tax Proceeds from a wager are figured by subtracting lottery , the wager must have been placed in a lottery conducted by an Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%
online slot machine for real money taxation Degree of Conformity to Federal Capital Gains Social Security Unless otherwise indicated , capital gains are taxed as ordinary income ; no Gambling and lottery winnings and losses · You don't report your gambling income net of expenses, though · Instead, you must report your gambling
