Income Tax on winnings from Lottery, Game Shows, Puzzle

The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

what time can you cash in lottery tickets in kentucky That's because lottery winnings are generally taxed as ordinary income at both the federal and state level In

what is the 5 spin slot method Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax