Publication 140-W - FAQS: New York State Lottery Winners -

what are the taxes on lottery winnings
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Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their

The top tax bracket for the highest earners in this country — which is where winning the lottery would bump the winner — has a 37 percent tax Who must pay Maryland income taxes on their winnings? Anyone who receives winnings from lottery games, racetrack betting or gambling must pay income tax

lottery result toda Lottery and Gambling Winnings · 5% for Lottery payouts between $10,001 and $500,000; · 8% for Lottery payouts over $500,000; and · 8% for That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash