Tax on Winning Game Shows & Lotteries

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How to calculate gambling duty ; 1 Totalisator betting in connection with horse racing, 25% x (Amount of bets received - Winnings paid out

Lottery winnings are not taxed twice Under both the federal and state tax system, they are considered ordinary taxable income You pay tax on your winnings Colorado has a 4% state tax withholding on winnings above $5,001, according to the lottery So, after taxes, a winner (if they're a single

ntr comic Hit the jackpot? Learn how your lottery winnings are taxed Discover key strategies to manage your windfall and financial obligations  Winnings are taxable in the year the taxpayer receives or has a right to receive the money Example: A Massachusetts resident who wins the Big Money Game