Publication 140-W - FAQS: New York State Lottery Winners -

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It's very important to pay the necessary taxes on lottery or prize money winnings in order to prevent fines and other legal repercussions Such

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax However, if a winner's Connecticut Lottery winnings clearly exceed the high income thresholds (single or filing separately: $500,000; head of household:

demo slot 5 lions While lottery winnings aren't taxable, you may be subject to taxes once you've deposited the funds or if you give any winnings as a gift Let's Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home