How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Angie Your Own Question
Angie
Angie, Tax Preparer
Category: Tax
Satisfied Customers: 225
Experience:  Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
69500136
Type Your Tax Question Here...
Angie is online now
A new question is answered every 9 seconds

When you win a lottery or sweepstakes do the IRS taxes have

Customer Question

When you win a lottery or sweepstakes do the IRS taxes have to be paid before winnings are given to a person?
Submitted: 9 months ago.
Category: Tax
Expert:  Angie replied 9 months ago.
Generally the organization that pays out the winnings will withhold taxes and submit them to the IRS. In your state, the rule is all winnings over $5000 will have both state and federal taxes withheld before payout. The lottery commission or sweepstakes company will issue you a tax form that will show the amount of winnings and the amount that was withheld that will be reported on your tax return.
Expert:  Angie replied 9 months ago.
Just checking back to make sure you got your issue handled. If you are satisfied with my service, I ask that you take a moment to rate me using the stars or smiley faces, this is how I receive compensation from Just Answer and ensures experts like me are available to answer your questions in the future. if you would like to work with me again, simply type "For Angie2613" in your question title and I'll be happy to help in any way that I can.
Customer: replied 8 months ago.
The answer was good but I needed the information then and it was several days before I got the answer.
Nina Hagood
Expert:  Angie replied 8 months ago.
I answered your question 4 minutes after you submitted it. I'm sorry you did not receive it in a timely manner.