Tallying Up the Taxes on Lottery Winnings - TurboTax

Taking the $ billion dollars lump-sum option automatically left the winner with $900,000,000 However, the winner still has to pay federal

All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 24% This potentially leaves a gap between the

taxes on lottery winnings florida How Much Are Lottery Winnings Taxed? · 24% withheld from $930 million = $232,200,000 · Additional amount you need to pay with a 37% tax rate: $111,900,000 · Total

taxes on lottery winnings ohio Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another