Smart tax strategies for lottery winners - Tax Insider

Prizes that are given in a competition or contest are not taxable gambling or lottery winnings if no advantage or inequality in amount or value is offered or

Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

do slot machines have to pay out Win $500,000 or more for a single person

does turning up the volume on a slot machine help Do I have to pay taxes on winnings? You must pay taxes on Illinois Lottery prizes Therefore, we strongly suggest players contact a financial planner, tax