Tallying Up the Taxes on Lottery Winnings - TurboTax

federal taxes on lottery winnings
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Winnings are subject to federal and state income taxes Most tangible prizes like cars and homes are taxed at their fair market value Lottery winnings are

Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their taxes

federal tax lottery winnings The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

federal lottery tax Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big