Why are lottery winnings taxed so much? You won it not the

how much does irs take from lottery winnings
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Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries,

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax Right off the bat, expect the federal government to take at least 24% of winnings over $5,000 upfront Why? Lottery winnings are considered

how much is the lottery right now Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,