Do I need to pay tax on my winnings?

Do I need to pay tax on my winnings? tax in lottery winnings Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big taxes on lottery winnings 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

taxes on lottery winnings Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The

tax lottery Federal taxes are the same for everyone Winnings are taxed 24% upfront, although the total tax bill will almost certainly be 37% when you If an individual receives a lottery win in Australia it is generally deemed a one off prize and not taxable The website advises