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

For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series

If you win the lottery do you pay taxes on winnings every year after? · A2A · No If you take the lump sum, you pay federal and state income tax

federal government grant real facebook lottery winners list taxes to lottery winnings as for other forms of income Establishment of legislation that would allow municipali- ties or counties the option of deciding

federal tax lottery winnings The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes