Gambling and Lottery Winnings

federal lottery
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One winning ticket was sold in Maine Friday but federal and state taxes will take a big bite out of the prize Here's what the lucky player

lottery prize is not exempt from federal income tax because of a foreign tax treaty The current federal withholding rate for individuals is

federal tax lottery winnings In both cases, the winnings would be subject to federal taxes, and many states also tax lottery winnings Nearly all jackpot winners take

federal tax rate on lottery winnings lottery winnings haven't provoked a public outcry If you win over $600 in the lottery you'll owe federal income taxes on that money And if