Directive 86-24: Lottery Winnings; Lottery Tickets -

federal tax on lottery winnings
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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,

However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

federal tax on lottery winnings Any payout over $5,000 after deducting the cost of the wager will automatically have 24% withheld for federal taxes The actual rate at which

federal income tax on lottery winnings Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900