How Taxes on Lottery Winnings Work

How Taxes on Lottery Winnings Work lottery taxes
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lottery sambad weekly The Pennsylvania Lottery automatically withholds taxes for winnings more than $5,000 Winners will receive a W-2G tax form in the mail for all prizes won that

lottery 7 wingo skill This follows state law effective January 1, 2018 Federal Tax Non-Video Lottery prizes over $5,000 will have both the 8% state and 24% federal taxes withheld  The governing lottery body withholds 24% of the prize automatically, leaving the balance to be paid by the winner, according to Lottery USA