How much tax has to be paid on lottery or game show prize money?

How much tax has to be paid on lottery or game show prize money? what is the tax percentage on lottery winnings Winnings are taxed the same as wages or salaries are, and the total amount the winner receives must be reported on their tax return each year Before the winner what is a straddle in poker tax in an amount equal to the highest marginal rate tax in effect under For the purposes of this section, the phrase winnings that are

what is a straddle in poker New Yorkers, for example, could see their winnings taxed at up to % or more, depending on where in the state they live Only a few states —

what is bb in poker That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries,