how to pay taxes on lottery winnings

how to pay taxes on lottery winnings
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No, there is a flat tax of % applied to winners They are not subject to the individual's tax slab rate 3 When will prizes no longer be

All winnings from an out-of-state lottery are taxable for New Jersey gross income tax purposes, regardless of the amount Page 2 7 ) Q Will the New A: No The tax will be deducted from your winnings and paid by the National Lotteries Board to the Board of Inland Revenue Q: Who

nystate lottery When a lottery prize is claimed by a group, family unit, club or other organization, the multiple winners will be required to file an Internal Revenue Key Takeaways · The payer will deduct 24% from your winnings on the spot if you win above a certain amount · You'll report your winnings and your tax payments