How much is tax on lottery winnings?

irs lottery tax
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So when the winner next files their taxes, they'll likely have to give the IRS another 13% of that prize RELATED: How one lottery-winning

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

irsh lottery 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,

irs lottery tax Before a penny from your lucky ticket reaches your account, the IRS will take 25% of your winnings as federal income tax withholdings That is