What Is the Tax Rate for Lottery Winnings? - Money

What Is the Tax Rate for Lottery Winnings? - Money how much taxes come out of lottery winnings
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how long does it take for lottery money to hit your account Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes

how to play video poker in vegas How winnings are reported to the IRS: Form W-2G · $600 or more if the amount is at least 300 times the wager (the payer has the option to reduce the winnings by If your lottery winnings exceed $5,000, the prize payor can withhold up to 15% for state taxes If you live in a state with no income tax (