Tax on Winning Game Shows & Lotteries

Yet like most things, even that lower cash figure gets whittled down by the IRS In fact, lottery winnings are taxed, with the IRS taking up to

24 provides the authority to tax all proceeds of any lottery prize regardless of the amount Lottery Prize Proceeds Subject to Income Tax Withholding

federal tax on lottery winnings All winnings from an out-of-state lottery are taxable for New Jersey gross income tax purposes, regardless of the amount Page 2 7 ) Q Will the New

federal tax rate for lottery winnings Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax