Winner Of $ Billion Lottery Gets $ Million After Tax

federal tax rate for lottery winnings
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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

According to federal and state laws, if you provide a social security number the Lottery withholds 28 percent from your prize winnings (24 percent federal; 4

federal tax on lottery 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

federal tax for lottery winnings While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding