Income Tax on Winning Lottery, Game Shows, Awards, and Prizes

Tax on winning the lottery, puzzle, card games, betting, & horse races is % The winner can't claim deductions or expenses on such

Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

how to play poker with two people How winnings are reported to the IRS: Form W-2G · $600 or more if the amount is at least 300 times the wager (the payer has the option to reduce the winnings by

how to plau poker While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding