Why are lottery winnings taxed in America?

irs lottery tax   Dan irs lottery tax

All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 24% This potentially leaves a gap between the

Effectively you are only taxed on your net winnings However, in order for you to not owe any federal taxes on that lottery jackpot whatsoever ( A: Yes, foreign lottery winnings are taxable by the IRS in the US Do remember that

slot play demo How much will the lottery winner pay in taxes? The IRS views lottery winnings as ordinary income The top tax bracket for the highest earners But even the winners can be losers if they don't pay their taxes! Any money you win while gambling or wagering is considered taxable income by the IRS as is the