What Is the Tax Rate for Lottery Winnings? - Money

what is the tax rate on lottery winnings
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All prize winnings in the Virgin Islands Lottery for the taxable year must be included on your income tax return as “Miscellaneous Income” The full tax must be

However, the jackpot pushes the winner into the top federal tax bracket, which is 37% for 2024, Campo said After the 24% withholding, the Gambling winnings are fully taxable and you must report the income on your tax return, even if you don't get a Form W-2G Gambling income

lottery business for sale All prize winnings in the Virgin Islands Lottery for the taxable year must be included on your income tax return as “Miscellaneous Income” The full tax must be By law, non-resident aliens are subject to a flat 30% federal tax withholding and a % Connecticut state tax withholding on lottery winnings An IRS Form