Tallying Up the Taxes on Lottery Winnings - TurboTax

how does the lottery annuity work
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Federal income tax of 24% and state income tax of % are withheld from any prize over $5,000 Other IRS withholding provisions may apply Where does the

You will receive a payment every year until the full annuity amount is paid out Taxes are withheld from each payment It is similar to how a savings bond works HOW DOES THE ANNUITY WORK? A winner who chooses the annuity option would receive an initial payment and then 29 annual payments that rise by 5

acr poker down Annuity Income Because the withholding rates for nonperi- odic payments do not depend on withholding allowances or whether you are married or sin- gle Prize Payments: All prizes are paid through the Lottery that sold the winning ticket, and at the discretion of the Selling Lottery may be paid by cash,