How Do Taxes on US Lottery Winnings Work?

federal income tax on lottery winnings
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How much exactly depends on your tax bracket, which is based on your winnings and other sources of income, so the IRS withholds only 25% You'll

The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

federal income tax on lottery winnings In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government

federal lottery tax calculator When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal