How are Lottery Winnings Taxed?

what is the tax rate for lottery winnings
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Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes

State tax rates on lottery winnings vary If you live in Georgia, your state tax rate for lottery winnings is % That means you get Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk

dead canary slot demo The net amount is the total of your winnings minus the cost of the lottery ticket, which usually isn't more than a few dollars After How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22