Taxes on Lottery Winnings by State 2024

how much taxes on 250 000 lottery winnings
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The IRS charges a flat rate of 24% on all lottery winnings over $5,000 For example, if you won $1 million, you would pay around $240,000 in The federal tax rate on lottery winnings is 24%, but it can go up to 37% depending on the amount of your winnings For example, if you win $1

t99 slot If you were to win a lottery prize of $200,000, your total income for the year would be $250,000, which would put you in a tax bracket of 35% ( Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,