Taxes on Lottery Winnings Explained

website irs lottery tax Assuming the Mega Millions winner in Florida choses the cash option, the IRS will get about $187,992,000 of that right away Come Tax Day, the irs lottery tax Question: My husband and I recently won the grand prize from my State's lottery Can you provide some guidance on how we will be taxed on our lotto winnings

irs lottery tax Before winners even see a penny of their jackpot, the federal government withholds a mandatory 24% that goes to the IRS The tax applies to  Lottery winnings are not taxed twice Under both the federal and state tax system, they are considered ordinary taxable income You pay tax on your winnings  Lottery winnings and tax withheld are reported on IRS Form W-2G, Certain Gambling Winnings Individuals who receive lottery winnings won by

Share

Share

Link

Turn off sharing Copy link

See all details