What Is the Tax Rate for Lottery Winnings? - Money

does illinois tax lottery winnings
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Unlike some states that act like they hit the lottery themselves after you win, Illinois has a relatively fair tax rate for lottery winnings: a cool % That

How do you claim a lottery prize in Wisconsin? That depends on how much you won For prizes up to $599: You can redeem your winnings at any 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

gd&t slot With a top income tax rate of % on lottery prizes, this rather small state is big on securing its share of your winnings The % rate only applies when Texas, Washington and Florida all do not have state income tax, so there are no lottery state taxes here either These states will not levy