Taxes on Lottery Winnings Explained

federal tax on lottery
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Under IRS rules, lotteries automatically withhold 24 percent of any win bigger than $5,000 for federal taxes, meaning that lump sum will have

The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

minn lottery An immediate deduction of $187,992,000 is taken by the IRS due to the requirement in tax law for a 24% federal income tax withholding, which is Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax