I Won the Lottery! How Bad Are Taxes Going to Be?

why are lottery winnings taxed
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The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries,

why is the lottery taxed No Your lottery winnings are classified as ordinary income, and will be taxed by both the federal and state agencies at the appropriate rate

why do poker players play with their chips For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series