Gambling Winnings Are Taxable Income On Your Tax Return

how much federal tax on lottery winnings
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how much federal tax on lottery winnings 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  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  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,

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