Tax Information
Tax Information
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If you win more than $5,000, you have to pay a 24 percent federal withholding tax However, depending on your annual earnings and tax deductions, you may get
While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding All prize winnings are subject to federal and state income tax withholding State tax of % is automatically taken out for payouts $2,000 or more Payouts
different poker card games Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900 Forbes highlighted that since gambling winnings necessitate obligatory federal withholding taxes, the lump sum payment is subject to a mandatory
