Tax on Lottery Winnings by State 2023

how much tax do you pay for lottery winnings
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That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash

The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that

how to buy lottery tickets online ontario 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

how many chips in a poker set If you win over $5,000 from a Powerball or Mega Millions jackpot, or any lottery game, state lotteries are required to withhold 24% in federal