Gambling Winnings Tax

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When you win the lottery, your winnings are considered ordinary taxable income Your prize money is taxed at the same rate as your wages and

Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes, When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

poker terms for winning If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from Depending on your other income and deductions, amounts withheld by the Lottery on your winnings may or may not be sufficient to meet your total tax obligation