What Percentage of Lottery Winnings Would be Withheld in Your

do you pay taxes twice on lottery winnings
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When you choose the 30-year annuity payout, you win the full listed jackpot amount After federal taxes, a $ billion jackpot would give you

You do not need to declare the winnings in your Income Tax Return Related Content Pages Individuals required to file tax  Before getting your winnings, you'd have to pay a 24% federal tax withholding, which the IRS requires for winnings over $5,000, CNBC explains

31 5 24 lottery result Federal tax rates are subject to change and there may be an additional tax liability depending on a winner's total financial situation We ask that you consult Taxation is imposed upon all income sources You may think that lottery winning would not be considered as an income source, but it is counted