Withholding of lottery winnings, MCA

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The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

Winnings • If any amount of Wisconsin income tax is voluntarily withheld from gambling winnings, then the payer is required to file an Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

drain slot In addition, the Lottery is required to report to the IRS gambling winnings that are $600 or more, and Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%