How Do Taxes on US Lottery Winnings Work?
How Do Taxes on US Lottery Winnings Work?
State lottery winnings are reportable to the IRS where the State agency conducting the lottery requires a winner to complete federal Form W-2G, Certain Gambling
The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also
irs lottery tax The same is true at the state level While lottery winnings are subject to state income tax in most states, withholding tax varies from zero (
irs tax on lottery winnings The IRS takes federal tax “off the top ” But the winner then pays additional federal income taxes based on the tax rate tied to their federal
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