Informative Guide on How Lottery Winnings are Taxed

irs tax on lottery winnings
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The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

If you win the lottery, it can drastically change your tax bracket According to the IRS, a family's top federal tax rate could increase from 22 5 The winnings are subject to federal income tax withholding Tax-Exempt

pineapple poker strategy Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or Depending upon the amount of your winnings and the type of gambling, the establishment or payer may be required to withhold income taxes In general, 24% of the