Lottery Tax Calculator: How It Works, What You Owe

lottery federal tax rate
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However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

The lump sum prize works out to about $570 million, but 24% is automatically withheld for federal taxes The winner would also be subject to The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

lottery deadline Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total While Americans are generally allergic to high taxes, the high tax rates on lottery winnings haven't provoked a public outcry If you win over