Informative Guide on How Lottery Winnings are Taxed

irs tax on lottery winnings
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The winnings are subject to federal income tax withholding The tax withholding rate is 24% for lottery winnings, less the

State lottery winnings are reportable to the IRS where the State agency conducting the lottery requires a winner to complete federal Form W-2G, Certain Gambling

irsh lottery So when the winner next files their taxes, they'll likely have to give the IRS another 13% of that prize RELATED: How one lottery-winning

irs tax on lottery winnings Absolutely - gambling winnings are income