Online Lottery in Illinois: Are Lottery Sites Legal in IL 2024?

website illinois lottery taxes After taxes, the lucky winner will take home about $530,280, which equals out to about $179,123 in federal taxes and $36,944 in state taxes, illinois lottery scratch off remaining prizes State Taxes ; %, Arizona, Undisclosed ; %, Arkansas, Undisclosed ; %, Illinois, $1,000 ; 3-5%, Mississippi, 3% for prizes from $600 to $5,000, 4% for

illinois lottery taxes Lottery winnings are subject to federal and sometimes state taxes If you win big, plan for the taxes ahead of time Updated May 24, 2024   Net lottery winnings are the total amount of winnings that remain after subtracting the cost of the lottery ticket The exact amount of tax  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%

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