Illinois gambling tax revenue grows to nearly $2 billion

illinois lottery tax
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Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another

You must pay taxes on Illinois Lottery prizes Therefore, we strongly suggest players contact a financial planner, tax attorney or preparer, the Internal

illinois lottery drawing The Illinois Lottery pays Lotto, Mega Millions and Powerball grand prizes Contact a professional tax advisor with additional tax liability questions

illinois lottery com winning numbers Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37%