What's the Tax on Lottery Winnings?

lottery federal tax rate
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The IRS automatically takes 25% of any lottery winnings as tax money, so you can already drop that cash lump sum to $451,875,000 The sign on

If you win more than $5,000 in the lottery or certain types of gambling, 24% must be withheld for federal tax purposes You'll receive a Form W-

lottery sambad please While lottery winnings of $600 or less are not reported to the IRS percent federal withholding tax In other words, if one person wins

lottery sport Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on lottery winnings, ranging from 0% to %