New Jersey Lottery Questions and Answers -

In contrast to a house or a car, there are no unavoidable ongoing costs associated with winning the lottery That is except, of course, for annual income taxes

winnings as income on their tax return Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos

how to manage lottery winnings How much are lottery winnings taxed? When you win the lottery, your winnings are considered ordinary taxable income Your prize money is taxed

howly lottery Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So if the Oregon Powerball winner does