How are Lottery winnings taxed?

federal lottery tax
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Millions in lottery proceeds easily put the winner in the top federal income tax Some states have no income tax or don't tax lottery

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

federal lottery 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

federal lottery taxes How much are lottery winnings taxed ? Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on