Lottery Tax Planning for a Billion Dollar Drawing

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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

Under Act 84 of 2016, the Pennsylvania personal income tax of percent now applies to Pennsylvania Lottery cash prizes paid after January 1, 2016  lottery winners paid millions in taxes, but the specifics might astonish you This video

fc2 ppv 3073264 Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries, How Taxes on Lottery Winnings Work · 10% on the first $9,700 you earn · 12% on the next $29,775 · 22% on the next $44,725 · 24% on the next