Tax Information

federal tax for lottery winnings   Dan federal tax on lottery winnings

Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big

Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a For winnings over $5,000, the payor must withhold a minimum of 28% for federal withholdings and up to 15% for state withholdings You will pay

dear lottery result list Shareholders, partners, or members in pass-through entities receiving income from gambling or lottery activities are subject to personal income tax on their Lottery winnings are taxable Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37%