How are Lottery winnings taxed?

federal tax for lottery winnings
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However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

What are the lump sum lottery winnings after taxes? The federal tax on the lottery is determined by the federal marginal rates, which is 37 percent in the

federal lottery When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

federal tax rate for lottery winnings Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a