Lottery Tax Calculator: How Your Winnings Are Taxed

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income tax if the prize payment is includable in your federal adjusted gross income for the tax year If you are a resident of New York City or Yonkers, the

The lucky ticket holder can expect an automatic federal withholding of 24% and state withholding of 8%, but the final bill will be millions more The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

semangat slot You are then taxed at the appropriate rate based on your income tax bracket It's not quite that straightforward, however… Federal Income Tax Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay