New tax code impacts lottery prizes

how much tax deducted from lottery winnings
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If your lottery winnings exceed $5,000, the prize payor can withhold up to 15% for state taxes If you live in a state with no income tax (

The lottery prize payment is gambling winnings taxed as ordinary income New York State, New York City, and Yonkers income tax withheld 17) Q: If I Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home

california lottery daily 4 4 How are lottery winnings taxed if received by a non-resident Indian ? For NRIs, lottery winnings are also taxed at a flat rate of 30% The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not That's because the 37