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Bill, Financial Advisor
Category: Finance
Satisfied Customers: 3153
Experience:  EA, CEBS - 35 years experience providing financial advice
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How much taxes do they take out of a $5000 lottery ticket

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Submitted: 9 years ago.
Category: Finance
Expert:  Bill replied 9 years ago.

If the winnings are $5,000 or less then federal tax withholding is not required. If the winnings are more than $5,000 withholding of 25% is required.