How are Lottery Winnings Taxed?
How 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
Tax treatment of winnings Winnings received are not taxable as they are windfalls and not considered as an income You do not need to declare Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%
3.3.24 kerala lottery result 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 In Massachusetts, any lottery prize over $600 is taxed at 5% If someone reports an income over $1 million, that triggers the additional 4% “
