Tallying Up the Taxes on Lottery Winnings - TurboTax

Tallying Up the Taxes on Lottery Winnings - TurboTax do you get taxed on a lottery win Legally classed as gambling, any profits you make from buying a lottery a ticket are exempt from tax, so the full amount you win is the amount paid to docp028 First, any prizes above $5,000 will be hit at least with a 24% federal tax, regardless of which state you are in The winner may owe additional

docp028 Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another

do you get lottery taxes back The fact that Connecticut lottery winnings may not have been required to be reported to the IRS by the Connecticut Lottery Corporation does not excuse a winner The Pennsylvania Lottery will automatically withhold PA personal income tax on prizes greater than $5,000 claimed after July 12, 2016 Winners of over $600