Lottery Winnings

Lottery Winnings federal lottery tax However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the federal lottery taxes If you choose to donate, split, or assign your lottery winnings, in whole or in part, it is taxable to the recipient in the same way as for federal income tax

federal lottery taxes In addition to paying federal taxes on your lottery winnings, you may also have to pay state income tax The rates vary from state to state New York's tax rate

federal lottery tax rate The winner of the lottery jackpot that currently sits at $ billion would expect to pay at least $135 million in federal income taxes if they Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,