How Taxes on Lottery Winnings Work

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Georgia residents and others who win a lottery game such as Mega Millions will need to pay taxes on their winnings Both the IRS and state

Lottery prize proceeds of more than $5,000 are subject to income tax withholding in accordance with § 48-7-101 Withholding From the Proceeds Paid State tax rates on lottery winnings vary If you live in Georgia, your state tax rate for lottery winnings is % That means you get

how to play stinkin rich slot machine You can make estimated tax payments if you think you may owe more Like the IRS, most states treat lottery and gambling winnings as income Currently, Georgia's state sales tax is four percent So, for each dollar spent, four cents goes toward the cost of operating government However, because