Tax Tips for Lottery Winners

what percentage of lottery winnings are taxed
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Yes, lottery winnings are taxable under state and federal law In Pennsylvania, all lottery winnings are subject to the commonwealth's %

Lottery winnings are considered income and, like most other forms of income, are subject to taxation The Internal Revenue Service The lucky ticket holder can expect an automatic federal withholding of 24% and state withholding of 8%, but the final bill will be millions more

ea slot Lottery winnings are taxed at a flat 30% rate in the states where it is legal to play and can be added an extra percentage depending on the When you win the lottery, your winnings are considered ordinary taxable income Your prize money is taxed at the same rate as your wages and