How are Lottery Winnings Taxed?

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Dr R K Jain, , CA Nikhil Gupta 5 How much tax deductedare at sourcea Lottery winnings 10,000 3,000 Loss under headj− Capital Gains She

The Lottery is required to withhold federal taxes of 25% for citizens and resident aliens providing a social security number, and 28% for Lottery winnings are considered ordinary taxable income for both federal and state tax purposes Winnings are taxed the same as wages or salaries are, and the

bet slot 365 While California doesn't tax lottery prizes, there's a mandatory 24% federal withholding and the winner likely owes millions more Joe What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted