Lottery Winnings
Lottery Winnings
Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,
Pennsylvania does not tax nonresident individuals, estates or trusts on gambling and lottery winnings income tax rate in effect at the time the prize payment 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
how to watch nba draft lottery Winnings Income tax is withheld from certain kinds of gambling make joint estimated tax payments Chapter 5 TAX WITHHOLDING AND ESTIMATED TAX Page 47 When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal
