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

are lottery wins tax free
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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,

With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37% (So after

are there any lottery drawings tonight How Are Lottery Winnings Taxed? Lottery winnings are treated as ordinary income by both the Internal Revenue Service and most states At the state level, that

area 118 slot Lottery winnings are considered ordinary taxable income for both federal and state tax purposes Winnings are taxed the same as wages or salaries are, and