What Is the Tax Rate for Lottery Winnings? - Money

Taxes on Lottery Winnings: How Much Will You Get federal tax for lottery winnings How much you earn Most prize winners pay a fixed federal income tax rate of 24% on their lottery winnings over $ However, if your newfound wealth puts federal income tax on lottery winnings winnings as income on their tax return Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos

federal lottery taxes The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on