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The Following Answers Some Of The More Common
Regarding Lottery Winnings And Tax
Are my lottery winnings taxable?
Depending on which Lottery State you reside in, winnings may be subject to federal, state, and/or local income taxes, depending on jurisdiction requirements.
Can they withhold taxes on my lottery payments?
Federal and state laws may allow withholding of a portion of certain lottery winnings for tax purposes (estimated taxes). Withholding rates, which can vary between states, are subject to change in accordance with Internal Revenue Service regulations.
How much tax will I have to pay on my lottery
State requirements may vary so it is best to consult with your local tax professional or government tax office. They will be better able to answer your tax questions regarding your tax responsibility, calculations and exemptions.
In some states withholding taxes are on the rise and your tax obligation may be substantial. Lottery winnings are typically paid out through an annuity agreement over a 20 – 30 year period, which can make it difficult for you to capitalize on the money you have won.