The Morning After: Tax Planning for Lottery Winners

The Morning After: Tax Planning for Lottery Winners do you pay taxes twice on lottery winnings You may be required to withhold 24% of gambling winnings for federal income tax This is referred to as regular gambling withholding Withhold donde jugar poker online en colombia Since the tax withholding rate on lottery winnings is only 24%, note the big spread between 24% and 37% Some lottery winners do not plan ahead,

donde jugar poker online en colombia Hey Preston, Winners are not double-taxed on lottery winnings By law, we are required to withhold 24% federal and % state taxes on prizes

download casino slot games If the Powerball winner takes the lump sum payment, right away, nearly a quarter of the prize is withheld for federal taxes And they're not off How it works: Ohio lottery winnings over $600 are taxed as income If I won today's $550 million jackpot, I'd pay 24% in federal taxes, plus 4%