California does not tax have a state income tax on lottery winnings. The federal withholding rate amount is 25 % to be withheld from the winnings amount.
You have to pay taxes on lottery winnings when you receive the prize, whether it's in a lump sum or through installments.
do I have to pay State and Federal taxes on Md. lottery winnings
If you don't want to be sued for tax evasion, even as a veteran, you would have to pay taxes on $50,000 in lottery winnings.
Not unless your a professional gambler.
Washington State does not have a personal income tax, so you will not pay any state income tax. You will still pay Federal income tax on lottery winnings, though.
no they do not have to pay taxes on their winnings.
Yes you will have to pay state taxes to North Carolina after adding your lottery winnings to all of your other gross income on the state income tax return.
Yes....and lord knows how you draw the line differently from a sweepstake or lottery. It isn't how you won it, (a card game, slot machine, buying a ticket, or having a number drawn out of a hat) it is what it is - winnings. Winnings are ordinary income. You will pay taxes at whatever rate is determined by your total taxable income. If you can itemize, gambling losses are 100% deductible up to the amount of winnings. Don't forget those lotto tickets!
Yes they have to pay taxes on the winnings
In Georgia, lottery winnings, including those from Fantasy 5, are subject to federal and state taxes. When you win, federal taxes of 24% are withheld immediately for winnings over $5,000, and state taxes of 5% are also withheld. Additionally, depending on your total income for the year, you may owe further taxes when you file your tax return. Thus, you effectively pay taxes on your winnings at both the state and federal levels.
No. Your lottery winnings will be reported on your 1040 federal income tax return and the taxable amount will be subject to the income tax at your marginal tax rate.
in michigan you have to pay city state and federal taxes it is taken out of your paymentif you dont have city taxes taken out of your check you must report it to the city if there is a city tax