For federal taxes, lottery winnings are taxed according to the federal tax brackets. Federal tax brackets are progressive, so portions of the winnings are taxed at different rates, and could be as high as 37%. State income taxes vary by location. Some states do not have a state income tax, while others may withhold up to 8.82%. Fortunately, you do not necessarily have to pay taxes on all your winnings. Instead, if you itemize your deductions, you can claim your losses up to the amount of your winnings. *Note, under the new tax reform law, the gambling loss limitation was modified. This means you'll have to pay income tax for the total amount of big jackpots. In the past, if you lost money while gambling, then won, you could deduct those losses from your winnings then only Your gambling winnings are generally subject to a flat 24% tax. However, for the following sources listed below, gambling winnings over $5,000 will be subject to income tax withholding: Any sweepstakes, lottery, or wagering pool (this can include payments made to the winner (s) of poker tournaments). In addition, lump sum payments are taxed as ordinary income, though you only have to pay them one time. On the other hand, receiving casino winnings as a structured settlement provides a controlled income stream over a longer period. Payments are not taxed until they are disbursed, allowing for interest to accrue over time. For example, if you hit the trifecta on Derby Day, you must report the winnings as income. The second rule is that you can’t subtract the cost of gambling from your winnings. For example, if you win $620 from a horse race but it cost you $20 to bet, your taxable winnings are $620, not $600 (after subtracting your $20 wager). Casino Winnings Are Not Tax-Free. Casino winnings count as gambling income and gambling income is always taxed at the federal level. I live in Texas and won money at casino in Oklahoma, I see where you said it would transfer over but I am assuming you will still pay taxes on the wins and no credit for the loss they will start sending you letters, etc. about filing OK tax return if you do not report the winnings. It is all part of the OK state tax code Yes, you are required to pay your state or local taxes on your gambling winnings. In case you travel to another state, and snag some huge winning combo there, that other state would want to tax your winnings too. The answer is yes, income received from all sources of “wagering games of chance or any other winnings from sources withing Oklahoma” are taxable. So What can you do to limit your tax hit? For Federal purposes you are entitled to a tax deduction for any gambling “losses” you had.
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