Pub 600 Wisconsin Taxation of Gambling Income July 2024

federal taxes on lottery winnings
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The withholding of federal or state income taxes, when required, does not affect the calculation of the proceeds from a wager Also, if a person makes

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

federal taxes on lottery winnings If the winner takes the payout, as many do, the federal tax would cut the prize by around $149 million In an estimate from USA Mega, an

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