Gambling Personal income types - Franchise Tax Board -

how much tax on lottery
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Gambling and lottery winnings and losses · You don't report your gambling income net of expenses, though · Instead, you must report your gambling

However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home

poker online no sign up It doesn't stop there — winning this jackpot would put the winner in the highest tax bracket, in which income is taxed at 37% So when the However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the