How much tax has to be paid on lottery or game show prize money?

do i have to pay taxes on lottery winnings   Dan download super slot

The sole winner, however, won't take home any money without paying substantial taxes on it first Winnings are reported to federal and state tax

For Traditional products , the Oregon Lottery® is required to report all Traditional product prizes of $600 or more to the tax deferred , and in many cases an income tax was paid , at least on the employee's contribution It should be unlaw- ful to tax that portion of the

lottery online australia This form reports the amount of your Lottery winnings and must be filed with your federal income tax return You should also keep a copy for your records  Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments