I Won the Lottery! How Bad Are Taxes Going to Be?

federal tax rate on lottery winnings
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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

While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding

federal tax on lottery Discover how federal tax brackets impact your winnings and the significant differences in

federal lottery tax Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take