Do you need to pay tax on lottery winnings?

Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

lottery 16 dec 2022 The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

lottery annuity payments In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government