How are Lottery winnings taxed?

How Your Lottery Winnings Are Taxed - The TurboTax Blog why are lottery winnings taxed Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home why is the cash value of lottery less While the IRS automatically withholds tax on US lottery winnings, they won't do the same for foreign lottery winnings That doesn't mean they

why is lump sum lottery less You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize