Taxes on Prize Winnings and More!

how do taxes work on lottery winnings
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As previously mentioned, you have to pay federal income tax on lottery winnings Jobs Cars Homes Classifieds Reviewed 10Best Events LocaliQ

How much will the lottery winner pay in taxes? The IRS views lottery winnings as ordinary income The top tax bracket for the highest earners Winnings are reported to federal and state tax agencies, and tax rates are based on taxable income What to know if you hit the jackpot: Here

22 1 24 lottery result tax from gambling winnings depends • The Wisconsin Lottery is required to withhold Wisconsin income tax and file information returns as  Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%