Taxes on Prize Winnings and More!

You are then taxed at the appropriate rate based on your income tax bracket It's not quite that straightforward, however… Federal Income Tax

Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

federal lottery taxes If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding

federal tax lottery winnings When a lottery prize is claimed by a group, family unit, club or other organization, the multiple winners will be required to file an Internal Revenue