Tallying Up the Taxes on Lottery Winnings - TurboTax

Tallying Up the Taxes on Lottery Winnings - TurboTax federal lottery tax
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federal taxes on lottery winnings Use the lottery tax calculator to estimate the tax amount deducted from a lottery prize, received as either a lump sum or through annuity payments

federal lottery tax 1, 2018 Non-Video Lottery prizes over $5,000 will have both the 8% state and 24% federal taxes withheld Video Lottery prizes only have the 8% state tax Lottery winnings and prizes are considered income by the IRS and are subject to federal and state income tax You'll owe taxes in the year