Income Tax on winnings from Lottery, Game Shows, Puzzle

lottery after tax
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Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

Every time you win a lottery, you have to pay a flat tax of at least % That's easy money for the IT department, don't you think?

lottery sambad 15 2 24 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

lottery lucky day Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax