New Jersey Lottery Questions and Answers -

tax in lottery winnings
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Tax Rate on winning lottery, puzzle, game show, horse race The tax on lottery winnings, crossword puzzles, card games, etc is a flat rate

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,

taxact lottery calculator Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take is to

tax on winning lottery Yes, you do have to pay tax on money that you win as a prize Larger prizes like a lottery win or gambling winnings will even generate income