What's the Tax on Lottery Winnings?

how much does irs take from lottery winnings
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Right off the bat, expect the federal government to take at least 24% of winnings over $5,000 upfront Why? Lottery winnings are considered

Even if the full jackpot amount was taxed, the money the IRS will receive would be about $ million based on the 37% income tax rate As of Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

enchanted manor slot How much will the lottery winner pay in taxes? The IRS views lottery winnings as ordinary income The top tax bracket for the highest earners Withholding Rate from Gambling Winnings New Jersey Income Tax is withheld at an amount equal to three percent of the payout for both New