How Lottery Winnings are Taxed

how much taxes taken out of lottery winnings
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How much of a prize is taken out for taxes? The winnings are subject to federal income tax withholding The tax withholding

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

how much does the government take out of lottery winnings The governing lottery body withholds 24% of the prize automatically, leaving the balance to be paid by the winner, according to Lottery USA If

how to scan barcode on lottery ticket Before getting your winnings, you'd have to pay a 24% federal tax withholding, which the IRS requires for winnings over $5,000, CNBC explains