New Jersey Lottery Questions and Answers -

New Jersey Lottery Questions and Answers - federal tax rate on lottery winnings The winning amount is tagged with 24% of federal taxes followed by 37 % marginal tax rate After you finish draining your winning amount to federal taxes on lottery winnings Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total

federal taxes on lottery winnings According to federal and state laws, if you provide a social security number the Lottery withholds 28 percent from your prize winnings (24 percent federal; 4

federal tax on lottery If the winnings are received during the residency portion of the winner's taxable year, all gambling winnings, to the extent includable in the winner's federal 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