I Won the Lottery! How Bad Are Taxes Going to Be?

What You Need To Know About Lottery Taxes how is lottery winnings taxed Lottery winnings are taxable This is the case for cash prizes and for the fair market value of any noncash prizes, such as a car or vacation how much poker chips do you start with 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

how to enter broadway lottery State lottery winnings must be reported to the IRS by state lottery officials by completing and filing federal Form W-