Connecticut Income Tax Treatment of State Lottery Winnings -

website what are taxes on lottery winnings ITR Form: Winnings from the lottery, puzzles, betting, etc are treated as Income from Other Sources The taxpayer should file ITR-1 (if income what to do when you hit the lottery How Taxes on Lottery Winnings Work · 10% on the first $9,700 you earn · 12% on the next $29,775 · 22% on the next $44,725 · 24% on the next

what are taxes on lottery winnings Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%  The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not That's because the 37  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

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