Oregon's lottery winner is a billionaire before taxes; how much will

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If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from

The IRS views lottery winnings as ordinary income The top tax winning the lottery would bump the winner — has a 37 percent tax rate  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

lottery all 50 states The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn  While 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