Tax Tips for Lottery Winners

The IRS considers lottery winnings as gambling winnings and taxes the income the same as other types of ordinary income This means you'll

In US, a net lottery winning is considered an ordinary taxable income by the IRS The IRS directly withholds a part as the rest will depend on

irsh lottery So when the winner next files their taxes, they'll likely have to give the IRS another 13% of that prize RELATED: How one lottery-winning

irs tax on lottery winnings Key Takeaways · The payer will deduct 24% from your winnings on the spot if you win above a certain amount · You'll report your winnings and your tax payments