How are Lottery Winnings Taxed?

Publication 140-W - FAQS: New York State Lottery Winners - taxes on 1 million lottery Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax taxes on 2 million dollars lottery winnings As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to

taxes on lottery winnings calculator You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize