Taxes on Lottery Winnings

federal tax for lottery winnings
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But unluckily, the IRS will take 25% of your winnings right off the bat You may owe an additional 13% for your state and local taxes too; the percentage you

Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

federal tax rate for lottery winnings Federal tax Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal

federal income tax on lottery winnings However, that's not all Lottery winnings also count as income, so by winning the jackpot, the ticketholder has been pushed into the 37% tax