Everything You Need to Know About Filing Taxes on Winnings

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,

income tax if the prize payment is includable in your federal adjusted gross income for the tax year If you are a resident of New York City or Yonkers, the

federal lottery tax A: For residents and resident aliens, percent in federal and state withholding taxes is deducted for every Lottery prize over $5,000 Current federal tax

federal tax on lottery That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact