KAFE This Morning

Do you owe Super Bowl taxes?

Photo: clipart.com

Do you owe Super Bowl taxes?

Put a little money on the big game? Well, depending on how much you scored remember that the IRS expects Super Bowl gamblers to pay taxes on their winnings. Winners of $5,000 or more are subject to a 25% federal income tax withholding. Gambling winnings are also taxed by some states. Winners of $600 or more are reported to the IRS by gambling institutions.

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