The IRS and Your Lottery Winnings

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

income tax state Or if you live in a state with income taxes but winning the lottery won't cause you to move to a lower-tax state The Prize money = taxable income: Lottery winnings are taxed like income, and the IRS taxes the top income bracket % The government will

circus poker So, for instance, if you make $42,000 annually and file as single, your federal tax rate is 22% If you win $1,000, your total income is $43,000, and your tax Hey Preston, Winners are not double-taxed on lottery winnings By law, we are required to withhold 24% federal and % state taxes on prizes