Lottery Tax Rates Vary Greatly By State

Lottery Tax Rates Vary Greatly By State tax rate for lottery winnings Lottery winnings are considered taxable income Besides the upfront withholding, your total federal tax rate could be higher—up to 37% If you tax slot Oregon withholds an 8% state tax on lottery prizes of $1,500 or more So, your lottery prize payout comes minus the 8% state tax The state reminds taxpayers

tax slot 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

tax lottery Tax Band 2: Any portion of the prize exceeding €5,000 is subject to a tax rate of 20% Romania 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