Tallying Up the Taxes on Lottery Winnings - TurboTax

how much taxes are deducted from lottery winnings
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How much the winner could owe in taxes Before seeing a penny of the jackpot, the winner will pay a 24% mandatory upfront federal withholding

Most states charge a tax on lottery winnings The amount initially withheld and how the winnings get taxed depends on your state's tax rate Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries,

linear slot diffuser installation detail Meanwhile, other states have tax rates for lottery winnings that generally range from about 3% to almost 11% But in any case, once applicable taxes are taken As a general rule, if you live in one state and win a lottery in another, you are first taxed by the state where you bought the lottery ticket