New York Court of Appeals Records and Briefs : 80 NY2D 596,

how much taxes come out of lottery winnings
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Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes

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 Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900

play slot Taxes · Income tax Income earned on any of the above amounts is taxable  Lottery Winnings Exempt Moving Expenses Deduction No Indicates all Taxes 40 Advisory Commission on Intergovernmental Relations Table 20