Publications of the Illinois State Historical Library, Illinois

illinois lottery tax
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In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government

The state collected about $ billion in total tax revenue from wagering in fiscal year 2021, about 58% from the lottery, according to the However, for the following sources listed below, gambling winnings over $5,000 will be subject to income tax withholding: Any sweepstakes, lottery, or

how to apply for housing lottery The federal government does not have a general lottery tax Lottery winnings are just taxable income Those funds go into the general fund The federal government does not have a general lottery tax Lottery winnings are just taxable income Those funds go into the general fund