Title 35 Mississippi State Tax Commission

federal tax rate on lottery winnings
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Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%

Lottery winnings are considered taxable income Besides the upfront withholding, your total federal tax rate could be higher—up to 37% If Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% gambling, 24% must be withheld

winning lottery numbers olg The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also 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,