Lottery Tax Calculator: How It Works, What You Owe

However, income tax is withheld at the rate of 25 percent on any gambling winnings of $5,000 or more from any sweepstakes, wagering pool,

Not only do you have to pay taxes to the federal government on your lottery winnings, you may also need to pay state income taxes as well Not

does illinois tax lottery winnings Typically, the source of these state-level funds are the taxpayer's pending state income tax refunds and lottery winnings There is a $25 fee associated with

does lottery money get taxed Lottery winnings must be reported for the taxable year in which the lottery drawing was held, not the date the winnings were claimed Any single prize of $600