Tallying Up the Taxes on Lottery Winnings - TurboTax

federal tax for lottery winnings
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Federal income tax As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over

If the winner takes the payout, as many do, the federal tax would cut the prize by around $149 million In an estimate from USA Mega, an

federal tax lottery winnings The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

federal taxes on lottery winnings Winnings are subject to federal and state income taxes Most tangible prizes like cars and homes are taxed at their fair market value Lottery winnings are