Five important tips on gambling income and losses

Taxes On Lottery Winnings: What You May Owe irs tax on lottery winnings The winnings are subject to federal income tax withholding The tax withholding rate is 24% for lottery winnings, less the irs lottery tax If you win more than $5,000, you have to pay a 24 percent federal withholding tax However, depending on your annual earnings and tax deductions, you may get

irs tax on lottery winnings Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings The rest of the winnings are expected to be paid by the