Lottery Tax Rates Vary Greatly By State

Florida Lottery Ticket Wins $ Billion, $ Million After Taxes federal lottery tax 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 federal tax on lottery winnings Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37%

federal tax lottery winnings On prizes over $5,000, the Oregon Lottery withholds at least 24% for federal taxes and 8% for state taxes before paying the winner Oregon's