What's the Tax on Lottery Winnings?

Lottery Tax Calculator lottery tax federal 1, 2018 Non-Video Lottery prizes over $5,000 will have both the 8% state and 24% federal taxes withheld Video Lottery prizes only have the 8% state tax lottery draw 16 6 66 If you add the 24% withholding tax plus the 13% extra tax the winner will pay April 15th together, you get a federal tax of $289,821,000 Check

lottery chat The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes