Is it true that you pay tax on lottery wins

What would the $ billion Powerball jackpot's tax bill be in Texas? do you pay taxes twice on lottery winnings Players have 60 days from the date a winning ticket is validated and claimed to choose the cash or annuity option Federal and state docp054 This form reports the amount of your Lottery winnings and must be filed with your federal income tax return You should also keep a copy for your records

domtoto slot Tax on winnings should be reported to you in Box 1 of IRS Form W-2G This includes lottery winnings, sweepstakes you entered by making a