Tax Information

Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000

Gambling winnings of more than $ 5,000 from the following sources are sub- ject to income tax withholding : 1 ) Any'sweepstakes , wagering pool , or lottery

irs lottery tax Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

irsh 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