State of NJ - Division of Taxation

how much tax is taken out of lottery winnings
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Yes, it's true Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as

Most prize winners pay a fixed federal income tax rate of 24% on their lottery winnings over $5,000 Federal prize withholdings are calculated on the amount of

how long does it take for lottery to pay into account However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

how to win on quick hit slot machines Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The