Tallying Up the Taxes on Lottery Winnings - TurboTax

website why are lottery winnings taxed 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 why is it illegal to mail lottery tickets For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series

why are lottery winnings taxed A: Effective August 13th 2018, lottery winnings are subject to taxation Q: What is the rate of tax? A: Ten percent   Connecticut imposes a tax rate of % on lottery winnings Whether it's a multimillion-dollar jackpot or a smaller prize, individuals who win the lottery in  lottery winners paid millions in taxes, but the specifics might astonish you This video

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