nj lottery tax
Here's the tax bill for the winning $ Mega Millions ticket
nj lottery tax
website nj lottery tax Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37% nj lottery cash 5 Lottery jackpots are really taxed at 46% in NJ, not 25% Hire a Tax season: Mahler said winners also had better file their taxes on
nj lottery tax Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket, New Jersey Gross Income Tax State law requires the New Jersey Lottery to withhold State tax at the rate of 5 percent from any prize in excess of $10,000 and up Lottery winnings are taxed as income at the state and local level and vary by location For instance, New York has one of the highest tax rates
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