Taxes On Lottery Winnings: What You May Owe

Taxes On Lottery Winnings: What You May Owe federal tax for lottery winnings The winnings are subject to federal income tax withholding The tax withholding rate is 24% for lottery winnings, less the federal tax rate on lottery winnings That cuts the winner's take home to $595,308,000 Gambling winnings are subject to mandatory federal withholding taxes, so your lump sum payment

federal tax rate on lottery winnings 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 %

federal tax on lottery winnings The winnings are subject to federal income tax withholding The tax withholding rate is 24% for lottery winnings, less the Question: My husband and I recently won the grand prize from my State's lottery Can you provide some guidance on how we will be taxed on our lotto winnings