Taxes on Lottery Winnings by State 2024

New Yorkers, for example, could see their winnings taxed at up to % or more, depending on where in the state they live Only a few states —

Taxes on Lottery Winnings by State 2024 Lottery winnings are considered taxable income Besides the upfront withholding, your total federal tax rate could be higher—up to 37% If you

New Yorkers, for example, could see their winnings taxed at up to % or more, depending on where in the state they live Only a few states —

tax rate on lottery winnings If you win more than $5,000, you have to pay a 24 percent federal withholding tax However, depending on your annual earnings and tax deductions, you may get

Meanwhile, other states have tax rates for lottery winnings that generally range from about 3% to almost 11% But in any case, once applicable taxes are taken

tax calculator lottery That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact

So when the winner next files their taxes, they'll likely have to give the IRS another 13% of that prize In most states, the tax is taken from