How are Lottery Winnings Taxed?

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

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, According to estimates from , the winner of the publicized $ billion Powerball jackpot would earn $329,792,812, if they take the

toledo ohio lottery The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be How Much Are Lottery Winnings Taxed? · 24% withheld from $930 million = $232,200,000 · Additional amount you need to pay with a 37% tax rate: $111,900,000 · Total