I Won the Lottery! How Bad Are Taxes Going to Be?

what percent of lottery winnings go to taxes
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Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out of

First, any prizes above $5,000 will be hit at least with a 24% federal tax, regardless of which state you are in The winner may owe additional This 25 percent is withheld from your winnings, so you won't ever actually get this money It will go directly to the IRS instead Your tax

ohio lottery jobs The cash option is a designated percentage of the annuity prize The There are generally no California state taxes for Lottery prizes, but we are If you win more than $5,000, you have to pay a 24 percent federal withholding tax However, depending on your annual earnings and tax deductions, you may get