Tallying Up the Taxes on Lottery Winnings - TurboTax

how much do they take out of lottery winnings
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Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So if the Powerball winner does select

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 All prize winnings are subject to federal and state income tax withholding State tax of % is automatically taken out for payouts $2,000 or more Payouts

iceland online shopping book a slot Regardless of the payment method selected, state lotteries are required to immediately withhold 24% in federal taxes With additional taxes, Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax