The IT department loves it when you win a lottery or when

is lottery taxed
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Whether you take the prize as an annuity spread out over three decades or as an immediate, reduced lump sum, 24 percent of your win is withheld

The tax withholding rate is 24% for lottery winnings, less the wager, for prizes greater than $5,000 An example of the calculation used to determine whether a

is 3 pair a hand in poker How are Lottery winnings taxed? All Lottery prizes, regardless of the amount, generally are considered as income by the state and federal government For

is the lottery tax free Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home