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How much tax is witheld on $5,000 pick 4 win in NY ?

Topic closed. 1 reply. Last post 9 months ago by mjwinsmith.

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Ny
United States
Member #167314
July 5, 2015
1810 Posts
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Posted: May 5, 2016, 3:07 pm - IP Logged

Anybody know?

Creativity..

" What's more likely to happen will happen.. "

Million dollar operation 

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    mjwinsmith's avatar - moon

    United States
    Member #391
    June 8, 2002
    16276 Posts
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    Posted: May 5, 2016, 3:16 pm - IP Logged

    Anybody know?

    Why not go right to the source, the New York State Lottery Website;

    TAX AND OFFSET INFORMATION

    The Gaming Commission is required to report and withhold income taxes from Lottery prizes according State and federal law and regulations.

    The current tax withholding rates are:
    Federal withholding 25%
    Federal backup withholding 28%
    Federal Non-resident Alien withholding 30%
    New York State withholding 8.82%
    New York City withholding 3.876%
    Yonkers withholding 1.477%

    The New York Gaming Commission is required by law to withhold Federal and New York State income taxes from taxable prizes over $5,000, regardless of the winner's place of residence. By law, the Gaming Commission is also required to withhold overdue taxes owed to New York State, past-due support and prior public assistance from any Lottery prize of more than $600.

    "Don't be a Dummy, Make 'Dat Money"

    Mjwinsmith's Blog Page:   http://blogs.lotterypost.com/mjwinsmith/

    "How to Play My Pick-4 System": https://www.lotterypost.com/thread/306450