How Are Lottery Winnings Taxed by State?

Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately

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 lottery The winnings are subject to federal income tax withholding The tax withholding rate is 24% for lottery winnings, less the

federal tax rate on lottery winnings Winning millions will also send you into the highest federal income tax bracket In 2023, that means single filers will pay $174,238 plus 37% of