Directive 86-24: Lottery Winnings; Lottery Tickets -

federal tax lottery winnings
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The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega

Lottery winnings are deemed regular taxable income for both federal and state tax purposes Most of the winners go with the immediate,

federal tax on lottery winnings The federal tax rate on lottery winnings is 24%, which means you would owe $240,000 in taxes If you live in a state with a state income tax,

federal lottery tax rate Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000