How much do lottery winners pay in taxes?
How much do lottery winners pay in taxes?
Personal Income Tax Facts: Taxpayer Davis, a computer programmer, buys 15 lottery tickets each week choosing ticket numbers according to a system she has
Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The The tax shall be withheld on the entire amount of the prize, not merely the amount in excess of $5,000 The tax must be withheld by the Lottery Department on
888 mobile poker After the 24% withholding, the winner could still owe another 13% in federal taxes, or about $70 million Marginal tax brackets for tax year Your local citytown may also require your lottery winnings to be taxed as income and this can result in another line of deduction from your
