Lottery Winnings FAQs

Lottery Winnings FAQs tax calculator on lottery winnings
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tax on winning lottery 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 Lottery Winnings: Any payment of winnings greater than $600 is subject to withholding The first step is to calculate the net winnings