Tax Planning for Lottery Winners

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

State of Purchase: State tax laws on lottery winnings vary significantly, from none to over 8% Personal Income: Your winnings add to your yearly taxable income

texas holdem poker spelen 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,

texas 88 slot If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding