What Is the Tax Rate for Lottery Winnings? - Money

The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on

8% or more state tax is due The state tax varies as per where you live At the end, the player pays above 45% tax and the remaining becomes his

lottery gadget night Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out of

lottery 1 7 66 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