Publication 140-W - FAQS: New York State Lottery Winners -

All lottery winnings are subject to Federal taxation (automatically reported taxes The IRS requires a minimum withholding of 24% of the prize

Yes and no Technically, the answer is no The IRS taxes the money in the exact same manner, whether you take a lump sum payment or not Twenty-

taxes on lottery winnings calculator canada The federal government treats the lottery winnings as income On prizes over $5,000, the Oregon Lottery withholds at least 24% for federal taxes

taxes on $2 million dollars lottery winnings Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their