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

Not all states tax lottery winnings Of course, they are tax free in those states that don't have any income taxes at all: Texas, Florida, South

taxes on lottery winnings in texas Your lottery winnings will affect your tax liability How you receive your lottery winnings will affect your federal tax obligation It will immediately

taxes on 1 million lottery The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also