Publication 140-W - FAQS: New York State Lottery Winners -

winning from lottery tax rate
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Tax Rate: Winning from lottery is taxable at a special rate of 30% No deduction is allowed Also no benefit of slab rate can be taken

Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

ultimate x poker strategy Will the New Jersey Lottery withhold income tax on taxable winnings? A The rate of withholdings is determined by the amount of the payout Once it is 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