The Best and Worst States to Pay Taxes on Lottery Winnings

federal lottery tax rate
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The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be

With a federal tax rate of 37%, a Mega Millions winner would pay a total of $ million in federal taxes and pocket $ million by

federal lottery taxes Under IRS rules, lotteries automatically withhold 24 percent of any win bigger than $5,000 for federal taxes, meaning that lump sum will have

federal income tax on lottery winnings All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 24% This potentially leaves a gap between the