Lottery Tax Calculator: How Your Winnings Are Taxed
Lottery Tax Calculator: How Your Winnings Are Taxed
How are Lottery winnings taxed? All Lottery prizes, regardless of the amount, generally are considered as income by the state and federal government For
Winnings are taxed the same as wages or salaries are, and the total amount the winner receives must be reported on their tax return each year Before the winner winnings If you sell or otherwise dispose of an asset that was a prize from a lottery, you must declare any capital gains you make in your tax return You
chokdee777 online The federal government treats the lottery winnings as income On prizes over $5,000, the Oregon Lottery withholds at least 24% for federal taxes Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a
