Connecticut Income Tax Treatment of State Lottery Winnings -

what are federal taxes on lottery winnings
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The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega

The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their taxes

maryland lottery midday and evening While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding lottery wi technical and a fifteen of of suc any amou Section Federal State Local