Taxes on Lottery Winnings Explained

how much does irs take from lottery winnings
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Even if the full jackpot amount was taxed, the money the IRS will receive would be about $ million based on the 37% income tax rate As of

Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries, Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

15 11 23 lottery result The federal government will take 24% off the top of lump sum winnings from the Mega Millions jackpot do not tax lottery winnings This means Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax