Tallying Up the Taxes on Lottery Winnings - TurboTax

That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash

In that case, all of it is taxed at 37% This can be calculated using a tax calculator Lottery winnings are combined with the rest of your taxable income for

when is the green card lottery How much will the lottery winner pay in taxes? The IRS views lottery winnings as ordinary income The top tax bracket for the highest earners

when green card lottery 2024 start Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%