How much tax has to be paid on lottery or game show prize money?
How much tax has to be paid on lottery or game show prize money?
Most states charge a tax on lottery winnings The amount initially withheld and how the winnings get taxed depends on your state's tax rate
money, goods, property, and services Connecticut income tax will not be withheld from State Lottery winnings other than Connecticut Lottery winnings Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or
7mmtv.t lottery, why was my check for less than that amount? Income tax will automatically be withheld, just as it is from your paycheck, if your winnings total more money, goods, property, and services Connecticut income tax will not be withheld from State Lottery winnings other than Connecticut Lottery winnings
