I Won the Lottery! How Bad Are Taxes Going to Be?

Personal tax tip #59 Gambling Winnings and Your Maryland Tax how much is federal tax on lottery winnings 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 how to have a good poker face While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding

how much of the lottery is taxed Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000