Taxes On Lottery Winnings: What You May Owe
Taxes On Lottery Winnings: What You May Owe
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax
However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes · Most tangible
casino slot machines real money Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos federal income tax withholding You must report all Federal withholding was below the winner's tax obligations Nonresident lottery winners have 30% of winnings of at least $600 withheld While the
