ny lottery tax
ARTICLE 34 New York State Lottery For Education
ny lottery tax
website ny lottery tax Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37% ny post lottery Disclosure of your personal information is also required to administer federal and New York State income tax laws for prizes over $5,000, including, without
ny lottery tax However, for the following sources listed below, gambling winnings over $5,000 will be subject to income tax withholding: Any sweepstakes, lottery, or wagering New York has the highest lottery tax rate at % If you live in New York City, you'll face an additional % withholding, according to the According to New York state law, If the proceeds from your lottery win are $5,000 or less, the prize payment isn't considered New York source income So smaller
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