How are Lottery Winnings Taxed?

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding

Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

how to play american lottery Lottery prizes of $5,000 or more are subject to federal income tax withholding As a result, if you win a jackpot worth that much, 24% of your

how lottery annuity works winnings required to be reported to the Internal Revenue Service under the federal law as it pertains to gambling 106 tax Help for gamblers