How Much Do Lottery Winners Pay in Taxes? $ Jackpot!

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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,

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

online slot booking ticket Others don't have a general income tax, but you'll still owe federal taxes A few states have specific rules on taxing lottery winnings: California: Does not Yes, it's true Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as