Lottery Tax Calculator: How Your Winnings Are Taxed

what is tax on lottery winnings
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You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes · Most tangible

Is lottery & gambling income taxable? Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government

poker 888 gratis The winnings constitute Part B income, taxed at 5% Directive 2: She cannot deduct the cost of the losing tickets to the extent of gambling gains because these Indiana taxes lottery winnings at a rate of % Lottery Tax Rate Iowa See more add_circle