Taxes On Lottery Winnings: What You May Owe

what percentage of taxes are taken out of lottery winnings
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However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

And in all likelihood, at least one state is going to win big twice That's because lottery winnings are generally taxed as ordinary income at Anyone who receives winnings from lottery games, racetrack betting or gambling must pay income tax percent on a resident's winnings For a nonresident

www louisiana lottery The federal government will take 24% off the top of lump sum winnings from the Mega Millions jackpot Then it is the state's turn  And in all likelihood, at least one state is going to win big twice That's because lottery winnings are generally taxed as ordinary income at