Lottery Tax Rates Vary Greatly By State

Lottery Tax Rates Vary Greatly By State tax for lottery winnings As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount taxi slot game The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

taxi slot game Winning lotto is a dream most of us have, to share the winnings is a great gift to receive as well @Bruce4Tax is correct! Winning, receiving a

taxes on $5 Federal Form 5754 is also used when the person receiving gambling winnings subject to reporting or withholding is not the actual winner This form lists the Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their