Why do we pay taxes on lottery winnings if the money people use to

website taxes lottery winnings In Massachusetts, any lottery prize over $600 is taxed at 5% If someone reports an income over $1 million, that triggers the additional 4% “ taxes on lottery winnings canada New Yorkers, for example, could see their winnings taxed at up to % or more, depending on where in the state they live Only a few states —

taxes lottery winnings The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of % from all payments of reportable Connecticut lottery winnings made  Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,  Not all money people use to buy lottery tickets already had taxes taken out of them One of the biggest problems with lottery is most of the

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