Do you need to pay tax on lottery winnings?

Do you need to pay tax on lottery winnings? taxes on million dollar lottery Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $335,464,000 taxes for lottery winnings The federal tax on the lottery is determined by the federal marginal rates, which is 37 percent in the highest bracket In practice, there is a 24 percent

taxes for lottery winnings 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

taxes on 100 000 lottery winnings Out of the $ million cash value, that would be about $ million you'll lose up front However, because you'd be bumped into the top How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22