Lottery Tax Calculator: How It Works, What You Owe

Taxes on Lottery Winnings by State 2024 taxes on lottery winnings ohio If you win more than $5,000 in the lottery or certain types of gambling, 24% must be withheld for federal tax purposes You'll receive a Form W- taxes on lottery winnings calculator If you win more than $600, Ohio will withhold taxes of 4% while federal regulations will withhold taxes somewhere between 24%-28% The rates

taxes on 1 million lottery The Ohio Lottery withholds a 25 percent federal tax and 4 percent state tax for prizes of more than $5,000, but winners may owe additional taxes