IP 200218 Connecticut Income Tax Treatment of State Lottery

Gambling and lottery winnings and losses · You don't report your gambling income net of expenses, though · Instead, you must report your gambling

IP 200218 Connecticut Income Tax Treatment of State Lottery The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

Gambling and lottery winnings and losses · You don't report your gambling income net of expenses, though · Instead, you must report your gambling

federal tax on lottery Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total

The withholding of federal or state income taxes, when required, does not affect the calculation of the proceeds from a wager Also, if a person makes multiple

federal lottery tax In addition to paying federal taxes on your lottery winnings, you may also have to pay state income tax The rates vary from state to state New York's tax rate

The withholding rate for federal income tax is based, in part, on a claimant's resident status The Lottery is required to withhold federal taxes of 24% for