Mega Millions Jackpot Hits $875 Million: Here's What The Winner

what is the federal tax on lottery winnings
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Money or property distributed under such plans or systems are not taxable gambling or lottery winnings Door Prizes Prizes that are given in a competition or

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding The Internal Revenue Service imposes a federal tax rate of 24%, and California's state income tax, with rates ranging from 1% to %,

lottery probability calculator excel So when the winner next files their taxes, they'll likely have to give the IRS another 13% of that prize RELATED: How one lottery-winning Income earned from lottery, game shows, and online games are taxable at a special rate of 30%, with TDS deducted before winnings are given