What Percentage of Lottery Winnings Would be Withheld in Your

what is the federal tax rate on lottery winnings
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The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on

Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries,

lucky ace slot 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 Report your PA taxable winnings on PA Schedule T PA law imposes Pennsylvania income Date Updated: 11142022; What is the Other Tobacco