Taxes on Lottery Winnings Explained

You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize

First, any prizes above $5,000 will be hit at least with a 24% federal tax, regardless of which state you are in The winner may owe additional

lottery result 10 6 23 If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding

lottery draw games The CT Lottery is required by law to report and withhold federal income tax on all gambling winnings valued at more than $5,000 (Under certain