Lottery Calculators

federal lottery tax calculator
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Lottery winnings are taxed as income at the state and local level and vary by location For instance, New York has one of the highest tax rates

State tax rates on lottery winnings vary If you live in Ohio, your state tax rate for lottery winnings is % So after federal and state The winnings are subject to federal income tax withholding The tax withholding rate is 24% for lottery winnings, less the

lottery 1 2 66 taxes within 60 days of claiming the prize For prizes of more than $5,000, the Lottery will deduct 24% in federal tax and % in state If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding