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What You Need To Know About Lottery Taxes

What You Need To Know About Lottery Taxes

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how do lottery taxes work
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Lottery winnings are considered ordinary taxable income for both federal and state tax purposes Winnings are taxed the same as wages or salaries are, and the

You cannot utilize a benefit of the slab rate on your lottery winnings The slab rate is a base total that you should note when making it work  Depending on how much you win and on your income, you'll then have to pay a further % to make up the total % that's the top income tax

lottery scratchcards remaining prizes The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes Are lottery winnings taxed in Pennsylvania? Yes, lottery winnings are taxable under state and federal law In Pennsylvania, all lottery

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