Lasser's 1001 Deductions and Tax Breaks 2013: Your Complete

irs lottery tax
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5 The winnings are subject to federal income tax withholding Tax-Exempt

With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37% (So after The Pennsylvania Lottery will automatically withhold PA personal income tax on prizes greater than $5,000 claimed after July 12, 2016 Winners of over $600

slot pasti bayar An immediate deduction of $187,992,000 is taken by the IRS due to the requirement in tax law for a 24% federal income tax withholding, which is Hey Preston, Winners are not double-taxed on lottery winnings By law, we are required to withhold 24% federal and % state taxes on prizes