Do I need to pay tax on my winnings?

taxes paid on lottery winnings
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Will You Pay Tax When You Win the Lottery? Winning the lottery can make your dreams come true overnight and jackpot prizes often reach astronomical

That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash

taxes on poker winnings Such gains are subject to taxation under the Income from Other Sources heading Taxes that are due must be paid, or else fines and legal

taxes on lottery winnings In Pennsylvania, all lottery winnings are subject to the commonwealth's % state personal income tax, plus an additional 24% through federal