Lottery Tax Rates Vary Greatly By State

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

How much are lottery winnings taxed ? Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on

taxes on lottery winnings ohio Lottery prizes of $5,000 or more are subject to federal income tax withholding As a result, if you win a jackpot worth that much, 24% of your

taxes on 1 million lottery 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