Lottery Winnings FAQs

The winnings constitute Part B income, taxed at 5% Directive 2: She cannot deduct the cost of the losing tickets to the extent of gambling gains because these

For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series

what are the rules to poker Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on lottery winnings, ranging from 0% to %

what lottery drawing is tonight in michigan Taxes: The IRS requires that you report ALL Lottery winnings The Lottery is required by law to withhold 24% for federal taxes and % for state income