How Lottery Winnings are Taxed

irs tax on lottery winnings
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Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000

So when the winner next files their taxes, they'll likely have to give the IRS another 13% of that prize RELATED: How one lottery-winning

irs tax on lottery winnings If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from

irs lottery tax Millions in lottery proceeds easily put the winner in the top federal income tax winnings, but others have top-income state tax