Gambling Winnings Are Taxable Income On Your Tax Return

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Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%

That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and How much are lottery winnings taxed ? Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on

drl lottery In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government  In addition to federal taxes, most states tax lottery winnings New Jersey is among the highest state tax rates ultimately taking % of the