How are Lottery winnings taxed?

Lottery And Taxes federal tax for lottery winnings Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total federal tax lottery winnings Millions in lottery proceeds easily put the winner in the top federal income tax winnings, but others have top-income state tax

federal taxes 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