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irs tax on lottery winnings
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Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay

When a lottery prize is claimed by a group, family unit, club or other organization, the multiple winners will be required to file an Internal Revenue

irs tax on lottery winnings Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000

irs lottery tax 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