What Percentage of Lottery Winnings Would be Withheld in Your

Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings The rest of the winnings are expected to be paid by the

What Percentage of Lottery Winnings Would be Withheld in Your How Are Lottery Winnings Taxed? The IRS will charge you federal tax on the net amount of your lottery winnings The net amount is the total of

Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings The rest of the winnings are expected to be paid by the

federal taxes on lottery winnings Federal tax Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal

If the winner takes the payout, as many do, the federal tax would cut the prize by around $149 million In an estimate from USA Mega, an

federal lottery That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact

Immediately, 24% of the cash value is withheld for federal taxes It doesn't stop there — winning this jackpot would put the winner in the