What are the tax implications of winning money or valuable prizes?

irs tax on lottery winnings
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Millions in lottery proceeds easily put the winner in the top federal income tax winnings, but others have top-income state tax

Federal tax Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal

irs lottery tax 5 The winnings are subject to federal income tax withholding Tax-Exempt

irs tax on lottery winnings Lottery prizes of $5,000 or more are subject to federal income tax withholding As a result, if you win a jackpot worth that much, 24% of your