Taxes on Lottery & Gambling Winnings: What You Need to Know
Taxes on Lottery & Gambling Winnings: What You Need to Know
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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
Lottery prizes of $5,000 or more are subject to federal income tax withholding As a result, if you win a jackpot worth that much, 24% of your Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no
do your lottery numbers have to be in order Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on lottery winnings, ranging from 0% to % Also, federal laws and regulations may restrict such sales You must buy The state of South Dakota does not tax lottery winnings How can I hear