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The tax rate on lottery winnings varies by state. Of states that participate in the lottery, there are nine states where lottery winnings and taxes do not go hand in hand. Count yourself lucky if ...
State taxes on lottery winnings in the U.S. generally range from 3% to 6%, with New York imposing the highest rate at 10.9%. However, eight states don’t tax lottery winnings at all: California
All lottery winnings are taxable income. ... After applying the federal government’s 37% tax and additional state taxes, the annual payout in Missouri and Kansas would start at $13.3 million or ...
All lottery winnings are subject to Federal taxation (automatically reported to the Internal Revenue Service if the win is at least $600); many smaller jurisdictions also levy taxes. The IRS requires a minimum withholding of 24% of the prize (minus the wager) of any gambling win in excess of $5,000.
Continue reading → The post How Taxes on Lottery Winnings Work appeared first on SmartAsset Blog. Up to an additional 13% could be withheld in state and local taxes, depending on where you live.
State lotteries have become a significant source of revenue for states, raising $17.6 billion in profits for state budgets in the 2009 fiscal year (FY) with 11 states collecting more revenue from their state lottery than from their state corporate income tax during FY2009. [10] Lottery policies within states can have conflicting goals. [11 ...
Indeed, while in some countries lottery winnings are not taxed, in the U.S. they are -- and it varies state by state. ... State tax: 10.9%. ANNUITY. Subtotal after federal taxes: $31,537,045.
State and federal taxes can take out a big chunk of a lottery jackpot win. Longing for the $1.1B Mega Millions jackpot? What taxes would cost a Pennsylvania winner