How Taxes on Lottery Winnings Work

The lottery automatically withholds 24% of the jackpot payment for federal taxes When you file your next return after winning, you will be responsible for the

The federal tax rate of 37%, the top federal tax rate, applies to the portion of your winnings that exceeds $1 million, including lottery

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lottery prayer Is Lotto winning tax free? The winning amount is tax free, however you will be charged when you put it in the bank or when inheritance tax (40