Taxes on Lottery Winnings in UK

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The lucky ticket holder can expect an automatic federal withholding of 24% and state withholding of 8%, but the final bill will be millions more

That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and come tax and city of New York separate tax on lump - sum distributions For more information , see instructions for Form IT - 203

舔奶 Anyone who receives winnings from lottery games, racetrack betting or gambling must pay income tax on the prize money Both residents and nonresidents of Apply the Tax Rate: Lottery winnings are subject to a flat rate of 30% Calculate the basic tax liability by multiplying the total winnings by