How much tax do you have to pay on New York lottery winnings?


Individuals who play the lottery in New York will be subject to an 8.82% state tax withholding as of December 2012. In Addition to that, NYC residents will pay an additional 3.648% in taxes. Yonkers residents will also pay an additional tax on their lottery winnings of 0.897%.
Q&A Related to "How much tax do you have to pay on New York..."
When you win the lottery you can expect to give Uncle Sam about 20 percent or more of your earning. That's still not bad because if you won a large lump sum you can just pocket the
35% Federal and 30% New York Income Tax.
Powerball winners are required to pay federal income tax on all winnings, which can result in a significant tax bill. The cash option Powerball payout has reached over $177 million.
You are the only one that has all of the necessary information that will have to be reported on your income tax return for the year in order to do the calculation for the numbers
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