Section 194B of Income Tax

how many percent tax on lottery winning
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If you win more than $5,000, you have to pay a 24 percent federal withholding tax However, depending on your annual earnings and tax deductions, you may get

If you win more than $5,000, you have to pay a 24 percent federal withholding tax However, depending on your annual earnings and tax deductions, you may get While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding

lottery after tax calculator Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home Personal Income Tax Prizes received by Massachusetts residents from the Massachusetts lottery or from lotteries taxable at the rate of five percent (5