Lottery Tax Rates Vary Greatly By State

tax in an amount equal to the highest marginal rate tax in effect under For the purposes of this section, the phrase winnings that are

Lottery Tax Rates Vary Greatly By State In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government

tax in an amount equal to the highest marginal rate tax in effect under For the purposes of this section, the phrase winnings that are

federal taxes on lottery winnings For Pennsylvania and federal income tax purposes, winnings or proceeds from The tax is required to be withheld at the Pennsylvania personal income tax rate in

Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big

federal tax lottery winnings Still, you'll probably owe more when taxes are due, since the top federal tax rate is 37% winnings for federal taxes As you can see

You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes · Most tangible