What's the Tax on Lottery Winnings?

federal lottery tax
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Personal Income Tax Facts: Taxpayer Davis, a computer programmer, buys 15 lottery However, since federal law taxes the gain from gambling, Taxpayer Davis may

Under Act 84 of 2016, the Pennsylvania personal income tax of percent now applies to Pennsylvania Lottery cash prizes paid after January 1, 2016

federal tax on lottery However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

federal lottery In addition to paying federal taxes on your lottery winnings, you may also have to pay state income tax The rates vary from state to state New York's tax rate