Tallying Up the Taxes on Lottery Winnings - TurboTax

Lottery and other lotteries, are subject to federal and Minnesota income taxes federal income tax return You will need records to

1, 2018 Non-Video Lottery prizes over $5,000 will have both the 8% state and 24% federal taxes withheld Video Lottery prizes only have the 8% state tax

federal lottery tax Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

federal tax lottery winnings The IRS takes federal tax “off the top ” But the winner then pays additional federal income taxes based on the tax rate tied to their federal