Lottery Winnings FAQs

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Lottery winnings and tax withheld are reported on IRS Form W-2G, Certain Gambling Winnings Individuals who receive lottery winnings won by

Lottery winnings are considered taxable income for federal tax purposes and your winnings are taxed the same as your wages or salary Most prize winners pay a Tax on winnings should be reported to you in Box 1 of IRS Form W-2G This includes lottery winnings, sweepstakes you entered by making a

biggest poker pot ever That would cut your take to $ million However, you could expect to owe more to the IRS at tax time The top federal income tax rate is 37% The odds against winning the Powerball lottery are long indeed, yet someone will eventually manage to do it And they'll have to pay taxes