Taxes on Lottery Winnings

Taxes on Lottery Winnings how much does the irs take from lottery winnings The Internal Revenue Service imposes a federal tax rate of 24%, and California's state income tax, with rates ranging from 1% to %, how old to play the lottery That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and

how old to play the lottery What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted

how many numbers for lottery The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of % from all payments of reportable Connecticut lottery winnings made Connecticut Lottery winnings are required to be reported to the IRS by the Connecticut Lottery Corporation if the winnings are $600 or more, and at least 300