Do Ohio Residents Have to Pay Local Tax on Lotto Winnings?

How much a $1 billion Powerball lottery ticket would actually pay out taxes on lottery winnings ohio If you win more than $5,000 in the lottery or certain types of games, 24% must be withheld for federal tax purposes You will receive a Form W-2G from the payer taxes for lottery winnings If you win more than $5,000 in the lottery or certain types of games, 24% must be withheld for federal tax purposes You will receive a Form W-2G from the payer

taxes on million dollar lottery Before getting your winnings, you'd have to pay a 24% federal tax withholding, which the IRS requires for winnings over $5,000, CNBC explains