How Taxes on Lottery Winnings Work

“The IRS is required to withhold 24% from the winnings, but that doesn't mean whoever wins and chooses the lump sum option is done paying taxes,

A sole winner in Texas who took the cash option would take home $392,768,000 after paying $124,032,000 in federal taxes

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

taxes on poker tournament winnings Washington doesn't impose a personal income tax and so won't tax lottery winnings, including your Mega Millions prize, at the state level However, the state's