Income Tax on Awards & Prizes

how much tax is taken from lottery winnings
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The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega

Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

how to play slot machines at a casino Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So if the Oregon Powerball winner does

how to play slot machine in casino Are gamblinglottery winnings subject to Michigan individual income tax? · Residents: report the amount of wagering losses you deducted on Form 1040