How are Lottery Winnings Taxed?

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Residents and Nonresidents: The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of % from payments of reportable

A: Effective August 13th 2018, lottery winnings are subject to taxation Q: What is the rate of tax? A: Ten percent  The good news for this winner — besides winning the lottery in the first place — is that Florida doesn't tax lottery winnings Most states

poker champions The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes 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