Tax on Winning Game Shows and Lotteries

do you have to pay tax if you win the lottery
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do you have to pay tax if you win the lottery 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  Example: If you won $10,000 but lost $15,000 You may deduct $10,000 California lottery We do not tax California Lottery or Mega millions   $600 or more in winnings when the payout is at least 300 times the amount of the per board wager, or · The winnings are subject to federal income tax withholding

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