Taxes on Lottery & Gambling Winnings: What You Need to Know

You'll report the income and the taxes already paid on it under Other Income on your Form 1040 tax return when you prepare your taxes for the year in which

The lump sum payment will face a mandatory federal tax withholding of 24%, leaving the winner with $ million Depending on the winner's

lottery post michigan If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding

lottery instant games Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,