AZ Gambling Winnings Tax Calculator 2024: What Do You Owe?

Lottery winnings are taxed the same as wages or salary on both federal and state levels, so you'll pay more taxes come spring 2023 Federal 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 calculator The federal tax rate on lottery winnings is 24%, which means you would owe $240,000 in taxes If you live in a state with a state income tax,

federal tax on lottery A federal tax of 24 percent will be taken from all prizes above $5,000 before you receive your prize money You may then be eligible for