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

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to be paid before winnings...
When you win a lottery or sweepstakes do the IRS taxes have to be paid before winnings are given to a person?
Submitted: 1 year ago.Category: Tax
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4/22/2016
Tax Professional: Angie, Tax Preparer replied 1 year ago
Angie
Angie, Tax Preparer
Category: Tax
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Experience: Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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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.
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Tax Professional: Angie, Tax Preparer replied 1 year 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.
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Customer reply replied 1 year ago
The answer was good but I needed the information then and it was several days before I got the answer.
Nina Hagood
Tax Professional: Angie, Tax Preparer replied 1 year ago
I answered your question 4 minutes after you submitted it. I'm sorry you did not receive it in a timely manner.
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