How Do Taxes on US Lottery Winnings Work?

How Do Taxes on US Lottery Winnings Work? federal taxes on lottery winnings Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total federal tax on lottery winnings Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a

federal tax on lottery winnings Taxes: The IRS requires that you report ALL Lottery winnings The Lottery is required by law to withhold 24% for federal taxes and % for state income

federal tax rate for lottery winnings Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher If such a person wins a prize from the Tennessee Lottery, the Lottery Corporation may withhold all or a portion of the winnings to offset the