Smart tax strategies for lottery winners - Tax Insider

how is lottery taxed
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Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home

Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

how old to buy lottery tickets income tax treatment of lottery prizes This guidance applies specifically The lottery prize payment is gambling winnings taxed as ordinary income

how to cheat a slot machine with a cell phone Lottery winnings are taxed for the year in which they are collected, allowing winners who choose annuities to spread out the tax bill If you win a house, boat,