What Is the Tax Rate for Lottery Winnings? - Money

website how much taxes are taken out of lottery winnings US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government how to choose a slot machine New Jersey is among the highest state tax rates ultimately taking % of the prize The winnings after taxes According to Lottery Post,

how much taxes are taken out of lottery winnings Tax Rate: Winning from lottery is taxable at a special rate of 30% No deduction is allowed Also no benefit of slab rate can be taken   The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega  Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So if the New Jersey Mega Millions

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