How Do Taxes on US Lottery Winnings Work?

federal lottery tax
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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

Question: My husband and I recently won the grand prize from my State's lottery Can you provide some guidance on how we will be taxed on our lotto winnings 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

michigan lottery winning numbers for tonight Betting tax and sports betting tax are levied at a rate of 5 % of the bet Lottery tax is levied at a rate of 20 % on the ticket price excluding the tax This If a player wins more than $5,000, an additional 24 percent federal withholding tax will be withheld when the prize is claimed What tax information is provided