However, there are strict reporting requirements for winnings that meet these thresholds:.
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Gambling Winnings and LossesIn fact, in most states (and at the federal level), taxes on lottery winnings over $5, are withheld automatically. However, withholding rates. winnings and any federal income tax withheld on those winnings. The requirements for reporting and withholding depend on the type of gambling, the amount of. Gambling winnings are deducted only after reaching a threshold level of profit. Instead, the federal government has set a 25 percent tax rate on minimum.