Lottery Tax Calculator: How Your Winnings Are Taxed

federal tax for lottery winnings
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The lucky ticket holder can expect an automatic federal withholding of 24% and state withholding of 8%, but the final bill will be millions more

Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900

federal tax rate on lottery winnings So when the winner next files their taxes, they'll likely have to give the IRS another 13% of that prize In most states, the tax is taken from

federal government grant real facebook lottery winners list Not all states tax for lottery winnings, Federal does though Federal is entitled to 28% under 500k Over 500k they can take up to like 38% For