How Taxes on Lottery Winnings Work

how much is federal tax on lottery winnings
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For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

how many people win the lottery a year The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

how do you play the lottery Key Takeaways · The payer will deduct 24% from your winnings on the spot if you win above a certain amount · You'll report your winnings and your tax payments