How are Lottery Winnings Taxed?

federal tax on lottery winnings
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Lottery winnings are considered taxable income, and the IRS requires winners to report their winnings on their tax returns The federal tax rate

Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

federal tax for lottery winnings When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

federal income tax on lottery winnings The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn