How are Lottery Winnings Taxed?

federal tax rate for lottery winnings
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This includes winnings from the Wisconsin Lottery and out-of-state lotteries lottery prize is not exempt from federal income tax because of a

For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series

federal tax for lottery winnings You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes · Most tangible

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