Taxes on Prize Winnings and More!

website ohio lottery taxes The Ohio Lottery withholds a 25 percent federal tax and 4 percent state tax for prizes of more than $5,000, but winners may owe additional taxes ohio lottery numbers The lump-sum payment would be about $ million after taxes, said Mardele Cohen, spokeswoman for the Ohio Lottery World & Nation

ohio lottery taxes Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37%   How do I calculate lottery lump sum after taxes? · Check how much the lump sum payout differs from the advertised lottery prize  He will take home $100,800 after mandatory state and federal taxes totaling 28% The Ohio Lottery did not specify where in West Virginia

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