Taxation: The Taxman Cometh: How Lottery Winnings are Taxed

federal tax on lottery   Dan federal lottery

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

Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no Proceeds of lottery prizes shall be subject to Kentucky state income tax Any attachments, garnishments, or executions authorized and issued pursuant to

明日花綺羅 番號 Lottery winnings are considered taxable income Besides the upfront withholding, your total federal tax rate could be higher—up to 37% If you 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