Paying Tax on Lottery Winnings

irs lottery tax
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Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a

The Pennsylvania Lottery will automatically withhold PA personal income tax on prizes greater than $5,000 claimed after July 12, 2016 Winners of over $600

irs tax on lottery winnings The lottery will collect and remit the income tax for the IRS, on the winner's behalf, very much like how your employer does when you get your

irsh lottery When your payout is large enough, the IRS will automatically withhold 24% of your winnings (your state will also withhold a portion for taxes