Lottery Tax Calculator: How It Works, What You Owe

website illinois lottery taxes So far in 2024, nine purchasers of Illinois Lottery tickets have won prizes of $1 million or greater, prior to taxes illinois lottery tax In FY 2021, the Illinois State Lottery generated $ billion in revenue Most of it, percent, came from local funding like property taxes

illinois lottery taxes Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no  And despite the big money pot, the prize is still subject to taxes Those include an automatic withholding tax of 24% levied against the  The winner will be taxed on their prize at the highest federal income tax rate, 37%, and at the Illinois state income tax rate of % Someone

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