How much tax has to be paid on lottery or game show prize money?

how much are lottery winnings taxed   Dan how to use indibet

Simon Duringer 12 Payment of lottery prizes The winnings of a lottery winner are not necessarily paid out in a lump sum, contrary to the

The federal government treats the lottery winnings as income On prizes over $5,000, the Oregon Lottery withholds at least 24% for federal taxes The same is true at the state level While lottery winnings are subject to state income tax in most states, withholding tax varies from zero (

matka pg The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn