IP 200218 Connecticut Income Tax Treatment of State Lottery

Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes

So when the winner next files their taxes, they'll likely have to give the IRS another 13% of that prize RELATED: How one lottery-winning

what to do when winning the lottery As for state taxes, New Jersey automatically withholds 8% for payouts of more than $500,000, which will cost the winner about another $43

what do you get for two numbers on the lottery Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan