Sorry, Massachusetts: You can't dodge the 'tax shark' on NH Lottery

do seniors pay taxes on lottery winnings in massachusetts
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Yes All prizes are subject to income taxes The Lottery must withhold federal and state taxes from each prize over $5,000 The Lottery withholds 24% for

For example, if you're single and your current taxable income is $40,000, a $1 million lottery payout, taken in a lump sum, would increase your Some states, such as California, don't tax lottery winnings But for other state lotteries, you'll be taxed at your ordinary income tax rate Most states

double diamond strike slot machine Withdrawals from a traditional IRA are taxable but the Massachusetts taxable amount may be different from the federal taxable amount Learn more about the rules Lottery winnings are taxable income regardless of your age Whether you actually have to pay any taxes on them depends on your total income and