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Taxes on Lottery Winnings Explained
If you win more than $5,000, you have to pay a 24 percent federal withholding tax However, depending on your annual earnings and tax deductions, you may get
Tax on Winning Game Shows and Lotteries how much do you pay in taxes on lottery winnings
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When you win the lottery, your winnings are considered ordinary taxable income Your prize money is taxed at the same rate as your wages and
how does set for life lottery work Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay
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