Gambling Winnings Are Taxable Income On Your Tax Return
Gambling Winnings Are Taxable Income On Your Tax Return
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Like the IRS, most states treat lottery and gambling winnings as income subject to tax, so the total amount of tax you owe from your winnings
When your payout is large enough, the IRS will automatically withhold 24% of your winnings (your state will also withhold a portion for taxes Assuming the Mega Millions winner in Florida choses the cash option, the IRS will get about $187,992,000 of that right away Come Tax Day, the
federal tax on lottery winnings In US, a net lottery winning is considered an ordinary taxable income by the IRS The IRS directly withholds a part as the rest will depend on The Pennsylvania Lottery will automatically withhold PA personal income tax on prizes greater than $5,000 claimed after July 12, 2016 Winners of over $600
