Personal tax tip #59 Gambling Winnings and Your Maryland Tax

irs tax on lottery winnings
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Determine if your gambling winnings are exempt from federal income tax and if you're eligible to claim a refund of withheld taxes

Hey Preston, Winners are not double-taxed on lottery winnings By law, we are required to withhold 24% federal and % state taxes on prizes Lottery winnings are taxed at a marginal rate of 35% to the winner or winners There can also be gift taxes associated with sharing the winnings

txlottery lottery If you win the lottery, it can drastically change your tax bracket According to the IRS, a family's top federal tax rate could increase from 22 If you choose to donate, split, or assign your lottery winnings, in whole or in part, it is taxable to the recipient in the same way as for federal income tax