How much is tax on lottery winnings?

How much is tax on lottery winnings? irs lottery tax US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government irsh lottery If your prize is over $5,000, the IRS requires the payor to withhold 28% for federal taxes In addition to federal tax on lottery winnings, your

irsh lottery An immediate deduction of $187,992,000 is taken by the IRS due to the requirement in tax law for a 24% federal income tax withholding, which is

irs lottery tax With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37% (So after Key Takeaways · 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