Tax Planning for Lottery Winners

tax in lottery winnings
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winnings If you sell or otherwise dispose of an asset that was a prize from a lottery, you must declare any capital gains you make in your tax return You

The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of % from all payments of reportable Connecticut lottery winnings made Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big

peking luck slot While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding