Do I Have to Pay Taxes on Lottery Winnings?

federal lottery taxes
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Most prize winners pay a fixed federal income tax rate of 24% on their lottery winnings over $5,000 Federal prize withholdings are calculated on the amount of

Prize money = taxable income: Lottery winnings are taxed like income, and the IRS taxes the top income bracket % The government will Lottery winnings over $5,000 are subject to both federal and state income tax withholding—this is, part of your winnings are automatically paid

slot dolphin If the total $ billion payout is chosen: Federal taxes: $324 million; Take-home: $ billion If the cash option The federal tax rate that is paid as a non-resident winner is 30% on payouts above USD $600 The state tax can vary slightly as they are set locally US taxes