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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
In Massachusetts, any lottery prize over $600 is taxed at 5% If someone reports an income over $1 million, that triggers the additional 4% “ 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
mystery of longwei slot machine 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 An exemption is a reduction in local property tax Exemptions are available to the elderly, the legally blind, and veterans who have a service-connected