Tallying Up the Taxes on Lottery Winnings - TurboTax

What Taxes Are Due on Gambling Winnings? irs tax on lottery winnings Lottery winnings are taxable The federal requirements to file information returns and withhold federal income tax from gambling winnings irs lottery tax Prize money is considered any money received from awards, raffles, lottery winnings, and any other type of contest Generally, the IRS taxes prize money as

irs tax on lottery winnings Lottery winnings are taxed at a marginal rate of 35% to the winner or winners There can also be gift taxes associated with sharing the winnings