Lottery Tax Rates Vary Greatly By State

Lottery Tax Rates Vary Greatly By State federal lottery tax rate Fourteen states don't levy additional tax on lottery winnings: Alabama, Alaska, California, Delaware, Florida, Hawaii, Nevada, New Hampshire, federal lottery tax Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

federal lottery tax Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

federal tax rate on lottery winnings Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total An immediate deduction of $187,992,000 is taken by the IRS due to the requirement in tax law for a 24% federal income tax withholding, which is