What's the Tax on Lottery Winnings?

What's the Tax on Lottery Winnings? irs lottery tax The IRS enforces a 24% federal withholding tax when a person first wins the lottery The rest of what a winner owes in taxes depends on their irs tax on lottery winnings The lottery will collect and remit the income tax for the IRS, on the winner's behalf, very much like how your employer does when you get your

irs tax on lottery winnings The winner of the lottery jackpot that currently sits at $ billion would expect to pay at least $135 million in federal income taxes if they

irsh lottery You're required to report all of your gambling winnings as income on your tax return, even if you end up losing money overall  Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a