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

what is the federal tax rate on lottery winnings
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The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

But remember, the federal tax brackets are marginal brackets, and you won't pay 37% on all your winnings You only pay the 37% rate on each Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So if the Oregon Powerball winner does

kerala lottery sthree sakthi result today 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 when you file Tax treatment of winnings Winnings received are not taxable as they are windfalls and not considered as an income You do not need to declare