Oregon's lottery winner is a billionaire before taxes; how much will

lottery taxes federal
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Taxes: The IRS requires that you report ALL Lottery winnings The Lottery is required by law to withhold 24% for federal taxes and % for state income taxes

All lottery winnings are subject to Federal taxation (automatically reported taxes The IRS requires a minimum withholding of 24% of the prize The winner of the lottery jackpot that currently sits at $ billion would expect to pay at least $135 million in federal income taxes if they

15 5 24 lottery result Lottery winnings of $600 or less are not reported to the IRS; winnings in excess of $5,000 are subject to a 25 percent federal withholding Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,