Gambling and Lottery Winnings
Gambling and Lottery Winnings
Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax
winnings See Publication 529 , Miscella- neous Deductions , for information on recordkeeping Lotteries and raffles Winnings from lotteries and raffles Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk
lightning link slot machine Under Act 84 of 2016, the Pennsylvania personal income tax of percent now applies to Pennsylvania Lottery cash prizes paid after January 1, 2016 New Yorkers, for example, could see their winnings taxed at up to % or more, depending on where in the state they live Only a few states —
