What You Need To Know About Lottery Taxes

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What do the tax laws say about lottery income? When a person receives an income from lotteries, game shows or even wins money from a sports

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

world series of poker texas holdem It's very important to pay the necessary taxes on lottery or prize money winnings in order to prevent fines and other legal repercussions Such Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,