Gambling Winnings Are Taxable Income On Your Tax Return

federal income tax on lottery winnings
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That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and

The Internal Revenue Service imposes a federal tax rate of 24%, and California's state income tax, with rates ranging from 1% to %,

federal tax rate on lottery winnings The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in

federal government grant real facebook lottery winners list Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on lottery winnings, ranging from 0% to %