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Understanding the 7 Tax Implications of Lottery Winnings: Are Lottery Winnings Taxable?

Understanding the 7 Tax Implications of Lottery Winnings: Are Lottery Winnings Taxable?

by comlotto.com | Mar 4, 2024 | Blog

Are lottery winnings taxable?Yes, lottery winnings are taxable. The IRS considers lottery winnings as ordinary taxable income, subject to federal income tax. Additionally, winnings over a certain threshold are subject to tax withholding by lottery agencies....

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by comlotto.com | Oct 18, 2023 | Blog

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