IP 200938 Connecticut Income Tax Treatment of State Lottery

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Unlike salary or professional income where people are allowed to take deductions or allowance, winnings from contests are fully taxable This is

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding The Lottery Department must deduct and withhold tax at a rate of % from $5,000 or $ Example 3: B purchases a lottery ticket for $ in the state

jackpot lottery ticket result today The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega Is lottery & gambling income taxable? Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by