Tax Tips for Lottery Winners
Tax Tips for Lottery Winners
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The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on
When making any payment of winnings that are subject to withholding, the state lottery rate tax in effect under For the purposes of this In Pennsylvania, all lottery winnings are subject to the commonwealth's % state personal income tax, plus an additional 24% through federal
lottery rapide Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on lottery winnings, ranging from 0% to % Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total