Tax on Lottery Winnings by State 2023

what percentage of taxes are taken out of lottery winnings
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How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22

In most states, the tax is taken from the prize money before it's ever given to the winner Details on when and how much the winner pays differ

what the chances of winning the lottery If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding

what time is the national lottery on The largest disadvantage of a lump sum payout is the high percentage of lottery winners who blow through their winnings in a few years The