Publication 140-W - FAQS: New York State Lottery Winners -

how much taxes taken out of lottery winnings
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Tax Rate: Winning from lottery is taxable at a special rate of 30% No deduction is allowed Also no benefit of slab rate can be taken

In most states, the tax is taken from the prize money before it's ever given to the winner Details on when and how much the winner pays differ After calculating your net winnings, the first thing the IRS will do is take 25 percent of your prize money for taxes This 25 percent is

poker combinations list 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 Millions in lottery proceeds easily put the winner in the top federal income tax If you've been laid off, taking these 8 steps may help you