Smart tax strategies for lottery winners - Tax Insider

federal taxes on lottery winnings   Dan federal lottery

Winnings from foreign countries, as well as multi-national and international gambling, are also taxable and must be included on your federal

Sharing of Lottery Winnings The federal requirements to file information returns and withhold federal income tax from gambling winnings  The withholding of federal or state income taxes, when required, does not affect the calculation of the proceeds from a wager Also, if a person makes

silk-120 Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37% 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