Taxes on Lottery & Gambling Winnings: What You Need to Know

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States with no state income tax, like Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming do not tax lottery winnings Other states like

Lottery winnings are taxed at a marginal rate of 35% to the winner or winners There can also be gift taxes associated with sharing the winnings Some states tax winnings, too That's just federal taxes While not all states tax winnings, some do New York takes the most with a rate of

雞排妹 流出 The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes Gambling and lottery winnings and losses · You don't report your gambling income net of expenses, though · Instead, you must report your gambling