Taxes on Lottery Winnings

lottery winnings taxable
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That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact

The prizes are considered to be employment income taxable under subsection 5 However, there may be circumstances in which the value of an

lottery result jackpot The IRS views lottery winnings as ordinary income The top tax winning the lottery would bump the winner — has a 37 percent tax rate

lottery kiosk near me How much are lottery winnings taxed ? Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on