IP 200938 Connecticut Income Tax Treatment of State Lottery

how much taxes are taken out of lottery winnings
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Most states charge taxes on winnings, too, which range from % to % Eight states don't charge any income tax on lottery winnings

The federal tax rate on lottery winnings is 24%, but it can go up to 37% depending on the amount of your winnings For example, if you win $1 Montana Code Annotated 2023 TITLE 15 TAXATION CHAPTER 30 INDIVIDUAL INCOME TAX Part 25 Estimated Tax and Withholding Withholding Of Lottery Winnings

slot machines australia out 9 Some expenses associated with a work Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax