IP 201128 Connecticut Income Tax Treatment of State Lottery
IP 201128 Connecticut Income Tax Treatment of State Lottery
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tax rate for lottery winnings
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As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to
Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their
kentucky lottery app The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that Buyers would now have to shell out 28 per cent GST on lotteries Before the GST Council meeting on Friday, the lottery industry pitched for a single rate of 12