Special tax on lottery prizes and betting

how much are lottery winnings taxed
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how much are lottery winnings taxed 1 Taxable Income: Lottery winnings are considered taxable income by the irs, and you must report them on your tax return If you win more than  How much of a prize Is taken out for taxes? The lottery is required by the The state of South Dakota does not tax lottery winnings How can I hear  Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

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