Lottery Winnings FAQs

how much of the lottery is taxed
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Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home

In that case, all of it is taxed at 37% This can be calculated using a tax calculator Lottery winnings are combined with the rest of your taxable income for

how to play on slot machines While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding

how do i pick a good slot machine_ Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no