Powerball Jackpot Winner Will Get a Hefty Tax Bill

federal tax for lottery winnings
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When a lottery prize is claimed by a group, family unit, club or other organization, the multiple winners will be required to file an Internal Revenue

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 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

crazy slot login The same is true at the state level While lottery winnings are subject to state income tax in most states, withholding tax varies from zero ( The IRS takes federal tax “off the top ” But the winner then pays additional federal income taxes based on the tax rate tied to their federal