Are lottery winnings taxed based on the ticket date or the redemption

federal tax on lottery winnings
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Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total

Prizes that are given in a competition or contest are not taxable gambling or lottery winnings if no advantage or inequality in amount or value is offered or

federal taxes on lottery winnings The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

federal tax on lottery winnings Most prize winners pay a fixed federal income tax rate of 24% on their lottery winnings over $ However, if your newfound wealth puts you in the top