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Q: If I win, what taxes will be
withheld from my check before I receive it? A: The Sweepstakes Commission is required to report any winnings over $599 to the Internal Revenue Service using a W2-G document, this will be sent to you at the end of the year. There is a federal tax withholding of 25% for any winnings over $5,000. The top federal graduated tax rate is 35%. Lottery winners may be at a tax rate other than the 25% withholding rate. Non-Resident of the United States will have a 30% tax withholding for any winnings over $599.
Q: Can a group of people share
a Lottery prize? |