How To Pay Ohio Lottery Tax

taxes on lottery winnings ohio
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If you win more than $5,000 in the lottery or certain types of games, 24% must be withheld for federal tax purposes You will receive a Form W-2G from the payer

Lottery winnings are considered taxable income Besides the upfront withholding, your total federal tax rate could be higher—up to 37% If you

taxes lottery If Thursday's drawing was your lucky day, just know that the Ohio Lottery Commission will withhold 28% in income tax up-front (4% state and 24%

taxes on lottery winnings ohio Also taxable are gambling and lottery winnings reported on IRS Form W2G or Form 5754 Gross earnings are taxed in the year earned Pension and retirement