What's the Tax on Lottery Winnings?
What's the Tax on Lottery Winnings?
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How much are lottery winnings taxed? When you win the lottery, your winnings are considered ordinary taxable income Your prize money is taxed
Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax If you win more than $5,000 in the lottery or certain types of gambling, 24% must be withheld for federal tax purposes You'll receive a Form W-
free slot tournaments win real money Reporting Gambling Winnings You'll report the income and the taxes already paid on it under Other Income on your Form 1040 tax return when you prepare Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,
