QUESTION
If you win a Texas lottery and they withhold the 25% is there more tax you have to pay on that money if you put it in your account
Asked on Feb 25th, 2016 on Taxation - Texas
More details to this question:
Texas lottery pays you a lump sum on winnings and they take out 25% do you have to pay more tax on that or is that the total you pay on those winnings??
1 ANSWER
4 Awards
The withholding rate is 25%, but your income tax rate, which is a graduated scale based on the amount of income, may be more or less than 25%.
Answered on Mar 04th, 2016 at 7:53 PM