Taxes on Lottery Winnings: How Much Will You Get

federal tax for lottery winnings
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The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket

The same is true at the state level While lottery winnings are subject to state income tax in most states, withholding tax varies from zero (

federal tax on lottery winnings That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact

federal tax on lottery Lottery winnings are taxable Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37%