how much tax do i pay for lottery winnings

how much tax do you pay for lottery winnings   Dan how many lucky dips have won the lottery

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal 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 How much of a prize is taken out for taxes? The winnings are subject to federal income tax withholding The tax withholding

erena hk 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