Lottery Tax Rates Vary Greatly By State

tax rate for lottery winnings   Dan taxes on million dollar lottery

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

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding 30% tax is applied to prizes and awards that have not received government approval The tax rate would also need to be increased by cess The

public disgrace bdsm However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the Tax Band 2: Any portion of the prize exceeding €5,000 is subject to a tax rate of 20% Romania