Lottery Tax Rates Vary Greatly By State

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Gambling winnings, including winnings from the Minnesota State Lottery and other lotteries, are subject to federal and Minnesota income

Millions in lottery proceeds easily put the winner in the top federal income tax winnings, but others have top-income state tax brackets The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

poker online sisal Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay In addition to federal taxes, most states tax lottery winnings New Jersey is among the highest state tax rates ultimately taking % of the