What You Need To Know About Lottery Taxes

Here's the tax bill for the winning $ Mega Millions ticket what is the federal tax on lottery winnings “The IRS is required to withhold 24% from the winnings, but that doesn't mean whoever wins and chooses the lump sum option is done paying taxes, what is the lowest pocket pair in poker And while winning the lottery isn't exactly a reliable career plan, the federal government treats lottery winnings as income Immediately, 24%

what is the tax for lottery winnings The IRS takes federal tax “off the top ” But the winner then pays additional federal income taxes based on the tax rate tied to their federal